PRESS RELEASE. Frankfurt, May 2007

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1 PRESS RELEASE Frankfurt, May 2007 DWS Analysis of international mutual fund markets in year : Worldwide fund assets reach record volume of euro 15.8 trillion Positive market environment and ongoing high levels of inflows Worldwide the investment sector generated an increase in assets under management in 2006 of 16.6%. This surpassed performance during the same period the previous year and at the end of December had achieved record volumes of euro 15.8 trillion. In addition to new monies invested, the positive performance of the equity markets contributed to this significant growth (Charts 1, 8 and 9). The highest increase in percentage terms of +26.6%, or over 1 trillion in euro terms, was generated in the Asia-Pacific region excl. Japan. Drivers of growth here were India and Hong Kong especially with a plus of 61.8% IRP and 37.4% HKD respectively (Chart 2). The second highest growth was achieved by Japan with +24.5% to Yen 68.9 trillion or euro 440 bn, which is partly attributable to record inflows into equity funds 2 of 82 bn in euro terms. The world s largest fund market, the USA, grew by almost 17% to USD 10.4 trillion or euro 7.9 trillion, after bringing up the rear in growth terms last year. High inflows into equity funds contributed to this performance. Canada recorded its highest ever growth of +16% to CAD 653 bn or euro 427 bn. The European fund market added 13.9% and at over euro 6 trillion now accounts for almost 40% of worldwide fund assets (Chart 3). In the previous year investors focussed on bond funds, in 2006 equity and balanced funds returned to favour and attracted the most investment. In the past year investors globally committed new monies amounting to euro 629 bn to mutual funds. Of this, 44% was secured by equity funds and 36% by balanced funds, which together account for a 63% weighting of total fund assets and are clearly the dominant forces in investor preferences (Charts 33 and 4). Indeed it was also these asset classes which provided for the highest increase in fund assets in the period under review (Chart 5). At a regional level, there are clear variations in investment behaviour. While in the USA, Hong Kong and Great Britain equity funds clearly dominated portfolios, in Italy and Spain for example, the same can be said for bond funds. French savers, by contrast, hold over 40% in money market funds (Chart 12). The weighting of aggregate fund volumes underlines the fact that on an international scale equity funds do clearly dominate now with 52% of total fund assets in investor portfolios (Chart 4). 1 All figures as at cut-off date of as far as available internationally. 2 Jap. equity funds incl. balanced funds, incl. monthly distribution funds (MDF). No split available acc. to statistics from Japanese Investment Trusts Association (ITA).

2 Europe : No uniform picture In 2006 fund assets under management in Europe rose by almost 14% to over euro 6 trillion which is a new record (Charts 1 and 11). Almost all the countries reviewed saw growth, some of it in two figures. The exceptions are Italy, Greece, Portugal and Turkey, some of which suffered a significant fall in assets under management (Chart 6). Inflows in Europe remained at a high level, even though this was 32% less than the previous year s level. As such, European investors committed net new money in excess of euro 133 bn (Charts 13 to 15). Europe s largest fund market, France, attracted new monies of some euro 74 bn. French investors continued, as in years past, to place their trust primarily in money market funds. Alternative funds, which are included in the balanced funds category, are gaining in importance in France and in 2006 accounted for 10% of new investment. The second highest inflows were generated in Great Britain with approximately euro 31 bn clearly targeted at equity funds, followed by Germany with some euro 25 bn as well as Switzerland with euro 6.4 bn. Italian investors, who have always been regarded as traditional bond fund savers, in 2006 in fact withdrew the record sum of more than euro 40 bn from bond funds, but also euro 11 bn from equity funds. By comparison, the high inflows garnered by balanced funds compensated for these outflows with a net result of outflows of some euro -35 bn. The reason for the outflows suffered by bond funds was ongoing low returns. Spain also suffered. Here outflows amounted to more than euro 2 bn. The only exceptions were balanced funds and the so-called fondos globales which did attract new monies. Outflows in some countries were partly counteracted by positive performance. In other countries especially in those with a high equity weighting performance coupled with increasing inflows led to a significant increase in fund volumes. Equity funds in Europe grew in 2006 by 22.1% to euro 2.1 trillion. More than euro 456 bn of this is attributable to investors in Great Britain. Bond funds, whose assets are mainly held in portfolios of Italian, German, and Spanish savers, increased by 4.1% to euro 1.2 trillion in the same period. Balanced funds enjoyed increasing popularity in the past year especially in France, Italy and Germany and added thanks also to high inflows 36% to euro 660 bn. Money market funds, which despite increasing interest rates and due to increasing competition lost some of their attraction versus savings deposits, achieved a moderate increase of 1.4% to euro 787 bn. Of this, French investors alone accounted for euro 380 bn (Charts 17 to 20). The fact that last year money market funds offered comparatively low returns versus savings deposits and bond funds, as well as changes in investment guidelines, led to the situation in Spain where in effect all monies previously invested in money market funds were switched to bond funds with short-term maturities. This restructuring or reclassification of money market funds commonly known as FIAMM was made possible by a change in the legal framework in November Guaranteed funds added 9.6% in assets under management to euro 152 bn. Guaranteed funds account for 3% of European mutual funds. Of this, almost 90% of the volumes fall to France and Spain, with the remaining 10% to Germany, Switzerland and Great Britain (Charts 21 and 25). The clear variations in allocating fund assets, the level of inflows as well as the general acceptance of fund savings plans in individual countries clearly derive from highly heterogeneous investor preferences within Europe all of which result from differences in economic development, the 2

3 regulatory framework and the level of state sponsorship of pensions. On the other hand, there remain historically rooted risk affinities. Comparing per capita fund assets in selected countries also demonstrates the differing significance of mutual fund investment across Europe. Per capita assets for France are some euro 15,000, German and Spanish mutual fund investors lag behind at euro 6,000 and 5,800 respectively (Chart 24). A look back over the past five years confirms the consistent performance of the European fund market with fund volumes increasing since the end of 2001 from virtually euro 4 trillion to more than euro 6 trillion representing a 50% rise (Chart 16). At a regional level, by contrast, the differing growth dynamics are evident: Great Britain or France for example added some 70% over the past five years, while Germany, Spain and Switzerland added approximately 40% (Chart 32). The percentage performance in individual European countries in the period under review played out as follows: highest growth was seen in the aggregate fund volumes of Poland, Romania, Russia, the Czech Republic and Hungary at +46% to some 41 bn in euro terms. The second highest growth came from Finland with a plus of 36%, followed by Luxembourg with +29%, Great Britain with +27% (GBP), Norway with +25% (NOK), Sweden with +21% (SEK), France with +17%, Denmark with +14% (DKK), Switzerland with +11% (CHF), Belgium with +9%, Germany with +8%, Austria and the Netherlands each with +7%, as well as Spain with +3%. In Turkey, by contrast, fund assets under management fell in 2006 by -26% (YTL), which also applied to Greece at -23%, Italy at -4% and Portugal at -3% (Charts 6 and 10). Canada: Balanced funds attract highest inflows In 2006 the Canadian fund market generated record growth of 16% to CAD 653 bn or euro 427 bn (Charts 1 and 6). Almost 80% of this increase is attributable to the performance of assets under management. In addition, inflows of CAD 20.6 bn contributed to the positive result. CAD 13.2 bn (euro 8.7 bn) was invested in balanced funds and more than CAD 10 bn (euro 6.6 bn) in bond funds. Balanced funds, which pursue a rather more conservative investment approach, remained the favourite investment category in Canada in 2006 with a weighting of some 27% and therefore play a significant role in total fund assets (Chart 27). By comparison, in the year 2001 they accounted for only just 16%. Equity and money market funds together shed CAD 2.7 bn net (euro 1.8 bn). The equity fund sub-groups show that Canadian investors withdrew money primarily from equity funds focussed on Canadian and US investment (CAD 7.9 bn), while at the same time they invested almost CAD 6.7 bn in new money in equity funds investing outside of North America. USA: In the year past, the American fund market generated fund volume growth of some 17% to more than USD 10.4 trillion (Chart 22). In euro terms, this is a plus of 5.3% to euro 7.9 trillion which is as a result of the euro s appreciation versus the dollar (Chart 7). With a share of 50% of total fund assets worldwide, the USA remains the world s largest mutual fund market (Chart 3). Growth of USD 1.5 trillion is made up of new inflows totalling USD 473 bn as well as impressive asset appreciation in excess of USD 1 billion. This represents average performance of almost 12%, for 3

4 the most part achieved by equity funds with average growth of more than 16%, as well as balanced funds with a plus of 14% on average. By comparison, in the period under review, the Dow Jones Index rose by 16.3% (Chart 8). Contrasted with the previous year, net inflows increased by a full 85% to a total of USD 473 bn, with investors targeting primarily money market funds with new money of USD 247 bn or euro 188 bn, followed by equity funds with USD 158 bn, bond funds with USD 61 bn and balanced funds with USD 7 bn (Chart 23). The picture is slightly different when one takes into account the fact that an estimated 60% of money market funds are distributed to institutional investors who parked their money in mutual funds. In the period under review, equity funds benefited from the ongoing boom in the capital markets and with +19.6% generated the largest increase of any of the asset classes. With over USD 5.9 trillion assets under management, equity funds now make up almost 60% of the American fund market, followed by money market funds with 23%, bond funds with 14% and balanced funds which play a subordinate role at 6% (Chart 26). 80% of American mutual fund savers hold equity funds. 70% of American mutual fund savers bought their first fund more than 10 years ago. According to the latest estimates, a total of 55 million households or 96 million Americans have invested in mutual funds. By comparison, 15.6 million investors in Germany held mutual fund units at the end of The pensions issue has long played a key role in the USA. The majority of the working population contributes to their private pension provision in the form of state-sponsored 401(k) plans as well as Individual Retirement Accounts (IRA's). In 1990 only 9% of 401(k) plans invested in mutual funds, while at the end of 2006 their estimated share rose to 55%. Another indicator of the outstanding importance of fund investment in pension provision is per capita fund assets of euro 26,560. At the end of 2006, an estimated 40% was invested in selected pension plans (Chart 24), of which more than two thirds was in equity funds. This means that almost 30% of total American fund assets are placed in equity funds designed to feed pension products. Japan: Record inflows into equity funds 2 Assets invested in mutual funds by Japanese investors rose in 2006 by more than 24% to almost Yen 69 trillion or 440 bn in euro terms which is the highest year-end volume ever recorded (Charts 1 and 6). The very dynamic growth in assets under management for the second year in succession is due to high inflows, especially in equity funds 2, as well as positive performance. While bond and money market funds recorded outflows of Yen 1.2 trillion net or 7.9 bn in euro terms, equity funds 2 saw record levels of inflows of almost Yen 13 trillion or euro 82.1 bn. Assets under management in equity funds 2 therefore increased by Yen 14.8 trillion to 55.7 trillion and, including balanced funds and the so-called monthly distribution funds 3, now account for 30% of equity fund assets and a weighting of more than 80% of Japanese investor portfolios (Chart 28). 2 Jap. equity funds incl. balanced funds, incl. monthly distribution funds (MDF). No split available acc. to statistics from Japanese Investment Trusts Association (ITA). 3 MDF are classified as equity funds by ITA, but due to their monthly distribution pattern currently invest predominantly in bonds. 4

5 In the period under review, the performance of this category excluding the impact of inflows was 4.9% on average, compared with the Nikkei s growth in the same period of 6.9% (Chart 9). The widespread acceptance of equity funds 2 is on the one hand due to the positive performance of international equity markets especially the Japanese equity market in the last two years as well as to virtually unchanged low interest rates in Japan which makes investment in money market and bond funds relatively unattractive. The weighting of money market funds in 2001 was 17% and bond funds 50%, interestingly with interest rates similar to last year. With an economic upturn, which is reflected not least in a lasting recovery of the equity markets, the risk affinities of Japanese investors have also changed. Asia-Pacific excl. Japan: India and Hong Kong maintain high growth dynamism The Asia-Pacific fund market excl. Japan comprising the aggregate fund volumes of Australia, Hong Kong, India, Korea and New Zealand grew last year by almost 27% (currency adjusted) to more than one trillion euros (Chart 2). Such performance is all the more impressive in historical terms. At the end of 2003 fund assets under management were a mere euro 500 bn. Over the past three years, volumes have doubled and now account for 6% of fund assets worldwide (Chart 3). The demand for fund products has been fuelled by the above-average growth of most of the Asian economies in recent years. Inflows last year totalled euro 49 bn, of which euro 32.4 bn was in equity funds, euro 11 bn in balanced funds and euro 6.2 bn in bond funds. Investors withdrew some euro 1 bn from money market funds (Chart 13). Mirroring performance of the Asian equity markets, the MSCI Asia Pacific excl. Japan added 32.4% during the past year (Chart 9). Even when the absolute level of assets under management in India is relatively low at euro 55.6 bn, the increase of 62% to IRP 3.2 trillion is highly impressive. Hong Kong added some 37% to HKD 4.9 trillion (euro 478 bn), followed by New Zealand with 21% to NZD18 bn (euro 10 bn), Australia with approx. 16% to AUD 518 bn (euro 311 bn) and Korea with over 11% to KRW 219 trillion (euro 177 bn). Equity funds dominate with 46% of volumes in the Asia-Pacific fund market excl. Japan (Chart 29). However investment behaviour is in no way uniform across this region. In Hong Kong and India the majority of assets under management is invested in equity funds, while Australian and New Zealand fund investors prefer balanced funds in their portfolios (Charts 30 and 31). Fund investment = Growth investment At the end of 1996 the entire international fund market of euro 4.3 trillion was smaller than the European fund market today. In the past ten years, fund assets under management worldwide have therefore almost quadrupled (Chart 34). In Europe alone during the same period, investment has grown from euro 1 trillion to over 6 trillion more than a five-fold increase. This performance underlines the dynamic nature of mutual fund savings as a long-term investment form. 5

6 For further information please contact Sabina Díaz Duque (Telephone ) and Thomas Richter (Telephone ). 6

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