Opportunities for Optimism?

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1 Asset Managers Positive Outlook Opportunities for Optimism? A New Vision for Value in Asset Management EXECUTIVE SUMMARY New Rivalries Fit to Win Featuring the findings of the State Street 2015 Asset Manager Survey.

2 ASSET MANAGERS EXECUTIVE SUMMARY Asset managers are on the threshold of a new era. As assets under management continue to rise, State Street s research finds the industry s leading players jostling to catch the next wave of growth. 79 % of asset managers expect new competition from a nontraditional market entrant such as a technology firm OPPORTUNITIES FOR OPTIMISM?

3 Our global survey of 400 asset managers shows that leading players in the industry are finding new ways to create value for their clients. 1 They are revamping their investment strategies, upgrading their capabilities, and hunting for acquisitions that could extend their expertise or reach. Optimism must be tempered by an awareness of new risks. Costs are under scrutiny. Clients want more bang for their buck. Competition is also intensifying not just from traditional rivals but from tech-savvy challengers. Indeed, a comparison with our 2014 study shows some significant shifts in asset managers perceptions of risk and opportunity. The most enterprising asset managers are responding by bringing more to the table in their client relationships. Delivering greater value to customers doesn t just mean achieving consistently high returns. It means forging closer partnerships with investors based on a transparent dialogue around risk and performance. It will also require asset managers to develop the capabilities to customize their investment solutions around their clients long-term needs. 2 New Sources of Value, New Forces for Change Asset managers are playing for high stakes. A rising market creates opportunities on multiple fronts for those that are agile enough to seize them. Over four-fifths of asset managers (88 percent) in our survey see opportunity for profitable growth in the next 12 months. Asset managers are racing to develop new offerings to meet changing client demands. Over three-quarters of asset managers (78 percent) say that a greater proportion of client assets will move to bespoke solutions over the next five years. They are also improving their distribution networks and operational capabilities to support these new areas of growth. At the same time, the industry faces new competitive pressures. Almost four out of five executives (79 percent) in our survey say they will face direct competition from non-traditional market entrants. Technology players like Google, Apple and Alibaba Group could mount a serious challenge. Asset managers also find themselves competing with their clients own investment talent, as large investors bring more asset management in-house. 1 State Street 2015 Asset Manager Survey conducted by FT Remark in April and May Unless otherwise noted, all data in this summary originates from this survey. See back cover for full methodology. 2 See The Folklore of Finance: How Beliefs and Behaviors Sabotage Success in the Investment Management Industry, Center for Applied Research, This report explores some of the steps that the industry can take to improve long-term outcomes for investors. 1

4 ASSET MANAGERS EXECUTIVE SUMMARY predict a positive outlook for profitable growth 88 % 96 % say they are under pressure to reduce costs see growing demand for bespoke investment solutions built around their clients requirements 78 % Opportunities vs. Threats 79 % say it is likely they will face direct competition from a non-traditional entrant to the asset management industry see positive scope for acquisitions, with 46 percent pursuing acquisition targets today 95 % 81 % of pension funds plan to increase in-house portfolio management, causing asset managers to seek new ways to create value for these clients 3 Source: State Street 2015 Asset Manager Survey, conducted by FT Remark This new competitive landscape requires asset managers to invest in new talent and capabilities. As one sign of the momentous changes underway, 46 percent of companies in our survey are evaluating targets for acquisition today. Looking at our Opportunity Index (see right), the perceived potential for acquisition activity has increased significantly over the past 12 months. Leading players will move fast to plug any capability gaps while increasing their penetration of the fastest-growing customer segments. Opportunity Index Values Acquisition Enhance operations Profitable growth Expand distribution Enter new markets Source: State Street 2015 Asset Manager Survey, conducted by FT Remark 2 OPPORTUNITIES FOR OPTIMISM? 3 State Street 2014 Asset Owners Survey conducted by the Economist Intelligence Unit. The survey was conducted in August Respondents from 15 countries participated in the survey, with the majority coming from the US, UK, Australia and Canada. Just over half (52 percent) of respondents came from public sector pension funds, 31 percent from private sector pension systems and 16 percent from superannuation funds.

5 Our research identifies four emerging value drivers that may shape success in the future industry landscape: If you re not a mega-firm or a low-cost provider, then you ll need to have a specialty that you are renowned for. Mid-level players that can t differentiate are going to come under real pressure. NEIL BATHON Founder, FUSE Research Network VALUE DRIVER #1 Asset managers reshape the product mix around new client needs Asset managers are adapting their capabilities to meet investors growing demands for multi-asset, outcomeoriented solutions. This is a major test of their capabilities. Instead of selling by product line, solution providers need to consult, design and market investment strategies around investors long-term objectives. For each of the following product types, please indicate whether your firm expects to launch a product for the first time in the next three years. Smart/strategic beta mutual funds 5% Multi-asset solutions 19% Liquid alternative strategies 22% Smart/strategic beta ETFs 7% Offshore-domiciled funds 7% Other ETFs 9% Source: State Street 2015 Asset Manager Survey, conducted by FT Remark There is more than one way to create value for clients, and low-cost passive strategies are part of the growth story for many asset managers. The industry is also investing heavily in hybrid products that combine some of the strengths of active and passive management. Large numbers of asset managers in the survey are expanding their presence in smart beta mutual funds. They are also positioning themselves to capture growing demand for liquid alternatives. Asset managers are rethinking their product mix to address their clients changing requirements. Indeed, product innovation, rather than new markets, is increasingly viewed as the primary route to growth. 42 percent of asset managers in our survey are preparing to enter a new product category for the first time Almost a fifth (19 percent) will launch a product in the multiasset solutions space for the first time over the next three years More than one in five (22 percent) will launch a liquid alternative product for the first time Smart beta mutual funds and smart beta exchange-traded funds (ETFs) are other areas that asset managers are considering for product launches 52 percent of respondents plan to expand their existing distribution network, while only 35 percent are preparing to enter new markets 3

6 ASSET MANAGERS EXECUTIVE SUMMARY VALUE DRIVER #2 Client services become more personalized and transparent Clients are being more hands-on with their portfolios. They want more information and insight from their asset managers to help them manage their money. Leading asset managers are ready to be more transparent about all aspects of investment performance and risk. They are learning to work in close partnerships with their institutional clients. 79 percent of asset managers say client demands for increased transparency on how their money is managed are having a moderate to significant impact on their business strategy 77 percent now offer their clients more transparency on sources of risk and return 74 percent say their clients growing need for customized solutions and services is shaking up their business models Only 36 percent are highly confident in their ability to use advanced analytics to segment clients according to their characteristics and needs Only 10 percent rate their process for gathering client feedback on how they are delivering against expectations at more than 8 out of 10 Despite a willingness to work more closely with their clients, few asset managers in our survey are gaining the customer insight required to drive strategic decisionmaking around investor needs. Asset managers will need customer analytics tools that can segment clients according to their characteristics and needs. The desire to build long-term partnerships with their customers will also require asset managers to develop better feedback mechanisms to understand how they are delivering against client expectations. For each of the following investor trends, please indicate the extent to which it is impacting your firm s business strategy, in terms of shaping your products and how you deliver them. (% indicating "significant impact") Investor demand for more transparency into the investment process 44% Investor demand for multi-asset, outcome-oriented investment strategies 36% Investor adoption of factor-based allocation models 34% Investor demand for impact investing strategies 32% Investor demand for liability-driven investing strategies 31% Investor demand for increased customization 31% Investor demand for passive investment strategies 24% Source: State Street 2015 Asset Manager Survey, conducted by FT Remark 4 OPPORTUNITIES FOR OPTIMISM?

7 Leading asset managers are ready to be more transparent about all aspects of investment performance and risk. They are learning to work in close partnerships with their institutional clients. 77 % of asset managers now offer their clients more transparency on risk and return 5

8 ASSET MANAGERS EXECUTIVE SUMMARY We ve created a specialized team to deliver bespoke asset allocation solutions for institutional clients, and customized risk management is a key part of our value proposition there. FERDINAND HAAS Global Co-Head of Active Investments at Deutsche Bank Asset Management 6 OPPORTUNITIES FOR OPTIMISM?

9 VALUE DRIVER #3 New ideas around risk will shape the dialogue with investors Risk issues are at the heart of the conversation between asset managers and their clients. Asset managers with the analytics tools to support new levels of risk insight may gain a competitive edge. Leading asset managers will need more robust methods to understand risks across complex multi-asset portfolios. This entails being able to integrate their risk analytics across multiple asset classes. The leaders are also designing more advanced risk models that can be customized to their clients needs. While our survey respondents report that their concerns around regulatory risk have subsided to some extent over the last 12 months, this is partly because the industry continues to make substantial investments in compliance. 72 percent of asset managers say their conversations with clients have evolved to focus more heavily on risk 61 percent say clients are demanding a more personalized approach to help them understand their risks 64 percent say that heightened risk and compliance demands threaten to divert resources from critical business areas Please rate your level of agreement or disagreement with the following statements, relative to one year ago. Our conversations with clients have evolved to focus more heavily on risk 50% 22% Our clients are demanding a more personalized approach to help them understand their risks 38% 23% We have increased the level of transparency we offer to clients on their sources of risk and return 37% 41% Heightened risk and compliance demands threaten to divert our firm s resources away from other critical business areas 39% 25% Our firm is spending more time and resources on educating the boards of our institutional clients on risk issues 44% 31% Somewhat agree Strongly agree Source: State Street 2015 Asset Manager Survey, conducted by FT Remark 7

10 ASSET MANAGERS EXECUTIVE SUMMARY VALUE DRIVER #4 Advanced operations can deliver value at scale Despite the positive outlook, asset managers see no relief from the pressure to bring down costs. Investors are willing to reward managers that can deliver discernible value, yet as competition increases there is no room for complacency. Asset managers must support demand for outcome-oriented solutions at the same time as improving cost efficiency. Leading players are pursuing the operational efficiencies that will enable them to provide personalized service and better investment insights at a competitive price point. Only 4 percent of asset managers in our survey feel no pressure to reduce costs Only 36 percent are highly confident they have the analytical tools to segment their clients according to their characteristics and needs Only 33 percent are highly confident that their current operating infrastructure will support their future distribution strategy Thinking about the cost pressures facing your business today, how would you describe the environment? 4% No pressure to reduce costs 15% High pressure to reduce costs Advanced technology will underpin the new offerings, providing investment managers with a much richer and more complete view of risk and performance across their client portfolios. Another recent State Street survey showed that 81 percent of asset managers have increased their investment in technology by more than 5 percent over the past three years. 4 Managers may also need to find more cost-effective ways to keep pace with technology innovation for example by outsourcing or by partnering with fintech start-ups. 33% Slight pressure to reduce costs Source: State Street 2015 Asset Manager Survey, conducted by FT Remark 48% Moderate pressure to reduce costs 4 State Street 2014 Data and Analytics Survey conducted by Longitude Research. This global survey of 400 senior executives at investment firms was conducted in October and November The respondents were drawn from 11 countries, with the majority from the US, China, France, Germany and the UK. The full survey sample is split evenly between asset managers and asset owners. 8 OPPORTUNITIES FOR OPTIMISM?

11 Asset managers must support demand for outcome-oriented solutions at the same time as improving cost efficiency. Moving Up the Value Chain Asset managers see opportunities ahead. But they will need to demonstrate where and how they create enduring value for their clients to achieve long-term success. Our research sheds light on several important questions as asset managers adapt to the new landscape: How should asset managers improve their client proposition and competitive positioning, based on their specific capabilities? How can asset managers forge closer partnerships with investors, and develop the skills needed to thrive in the new environment? What steps can asset managers take to provide clients with the integrated yet highly granular view of portfolio risk they need? How can asset managers develop innovation models that will fend off the threat from new market entrants? Where should asset managers prioritize their infrastructure investment to be more transparent, insightful and cost efficient for their investors? To learn more, request our report: Opportunities for Optimism? A New Vision for Value in Asset Management. statestreet.com/assetmanagers 9

12 About the Research This report is based on a State Street survey of 400 senior executives in the asset management industry. The State Street 2015 Asset Manager Survey was conducted by FT Remark in April and May Respondents from 23 countries participated, with the majority from Australia, Canada, China, Germany, Japan, Switzerland, the UK and US. Respondents manage assets for both institutional and retail clients, spanning traditional and alternative strategies. Request our report: Opportunities for Optimism? A New Vision for Value in Asset Management. statestreet.com/assetmanagers For more information about our solutions for asset managers, please contact: Kevin Sek Chun Wong Jane Mancini Jörg Ambrosius State Street Corporation - All Rights Reserved CORP-1474 Expiration date: 06/30/2016 Investing involves risk including the risk of loss of principal. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street Corporation s express written consent. The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor s particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. The views expressed in this material are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

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