TRADE AND INVESTMENT NOTE UNDERSTANDING MANAGED FUNDS DATA JANUARY 2016

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1 TRADE AND INVESTMENT NOTE UNDERSTANDING MANAGED FUNDS DATA JANUARY 2016

2 EXECUTIVE SUMMARY Australia s asset pool of managed funds (MFs) is the seventh largest in the world and the largest in Asia with total assets of US$1.6 trillion. The global significance of our MFs industry has been underpinned by Australia s sophisticated investor base, mature financial markets, an efficient regulatory environment and Australia s innovative retirement income (superannuation) system. Austrade s annual Benchmark Report (BMR) emphasises the scale and relative importance of our MFs sector as a key feature of the Australian economy. However, we are often asked to explain how these numbers and rankings are derived, and this note provides that information. Our estimates in the BMR are based on data provided by the Investment Company Institute (ICI) survey, although alternative MFs data from other sources are also available. It is important to note that there is no universally accepted way of calculating total assets of MFs at the global level. The main reason we use the ICI ranking is that the US-based institution has compiled one of the most comprehensive data of MF assets by economy and also releases the MF figures on a regular, quarterly basis. There are widely differing views on what MFs refer to. Some financial institutions or research houses include pension funds, insurance contracts (offered by insurance companies), reserves in employers books and bank and investment companies managed funds in their calculations; but others limit definitions to funds under discretionary management, where the client delegates responsibility to the company (more details in Annex 2, page 11). According to the definition used by the Australian Bureau of Statistics (ABS), there are three different sources of Australia s MFs: 1. Australia s collective investment institutions (locally known as resident MFs institutions ); 2. Other resident investors; and 3. Overseas investors. Total assets of these three sources amounted to A$2,622 billion (US$2,014b) in 2015 (see pages 4 and 5). It is important to note that the Australian figures reported in the ICI survey are based on a narrower definition of the MFs that only includes the funds sourced from Australia s collective investment institutions (US$1,588 billion or A$2,060 billion). Finally, in order to compute regional rankings for the BMR, we have created our own estimates for Hong Kong and Singapore. Details of our approach are set out below (on page 8). 1 P a g e

3 UNDERSTANDING MANAGED FUNDS DATA IN AUSTRADE S BMR 1. Introduction We have included managed funds (MFs) data and country rankings by economies in one of the chapters of Austrade s annual Benchmark Report (BMR) since However, the MFs data we report have sometimes caused confusion or disagreement over the relative significance and rankings of Australia s MFs industry. One major reason behind this confusion is the different definitions of the MFs used by various research houses or financial institutions. This definition problem has been compounded by the on-going changes in the nature of the MFs industry around the world. 1 The fundamental challenge in compiling our BMR estimates is that there is no universally accepted way of calculating total assets of MFs data at the global level, largely because of the MFs market complexities, but also due to the on-going evolution of financial market products as a result of financial reforms and integration across many major economies over the past two decades. Given the resultant difficulties in interpreting or understanding how the MFs across different economies or financial centres are measured and ranked, this note explains where the MFs numbers cited in the BMR come from and how our MFs rankings are derived. According to 2016 s BMR, Australia s asset pool of MFs is the seventh largest in the world and the largest in the Asian region with total asset of US$1.6 trillion (A$2.06tn) in June These BMR estimates are based on data from the ICI s Worldwide Mutual Fund Assets and Flows data (see chart below). The significance of Australia s MFs industry has been underpinned by a number of factors: a sophisticated investor base, mature markets, participation by leading global financial institutions, cutting edge investment products, an efficient regulatory environment and most importantly, Australia s innovative retirement income (superannuation) system (for more detail on superannuation funds and their contribution to MFs, see Annex 1). 1 Another potential source of confusion is that while the ABS data on MFs is reported in Australian dollars, international comparisons are typically made on a US dollar basis. 2 P a g e

4 2. Defining Managed Funds In finance, managed funds (MFs) assets, sometimes called funds under management (FUM) or assets under management (AUM), measure the total market value of all the financial assets which a financial institution such as a mutual fund 2, fund manager, venture capital firm, or brokerage house manages on behalf of its clients and themselves. In practice, there are widely differing views on what MFs refers to. Some financial institutions or research houses include pension funds, insurance contracts (offered by insurance companies), reserves in employers books and bank and investment companies managed funds in their calculations; others limit it to funds under discretionary management, where the client delegates responsibility to the company. While many research houses have published different sets of global MFs data around the world, the reason the BMR uses the ICI ranking is that the ICI has compiled one of the most comprehensive datasets of MFs assets by economy and also releases MFs figures on a regular, quarterly basis. The table below is the latest release of the world s top ten MFs, according to the ICI s calculation (details on page 8): TOTAL ASSETS OF WORLD'S TOP TEN MANAGED FUNDS 1 BY TYPE OF FUND (EXCLUDING FUNDS OF FUNDS) Millions of US$, June Quarter 2015 Total Equity Bond Balanced/ Mixed Money Market Guaranteed/ Protected Real Estate Other Funds World 38,273 16,733 8,210 5,409 4, ,818 Americas 20,297 10,698 4,550 2,113 2, Europe 13,222 3,841 3,208 2,791 1, ,679 Asia and Pacific 4,608 2, Africa USA 18,223 10,307 3,833 1,409 2, Luxembourg 3,691 1,202 1, Ireland 2, France 1, Germany 1, UK 1, Australia 1, Japan 1,263 1, China 1, Canada Refers to home domiciled funds, except New Zealand, which include home and foreign-domiciled funds. Funds of funds are not included, except for France, Germany, Italy and Luxembourg. Sources: Investment Company Institute, Worldwide Mutual Fund Assets and Flows, second quarter 2015 (released 30 September 2015); Austrade 2 Technically known as an "open-end company," a mutual fund - the term often used in the US financial markets - is an investment company that pools money from many investors and invests it based on specific investment goals. Mutual fund refers to a publicly offered, open-end fund investing in transferable securities and money market funds. Mutual funds are equivalent to managed funds in many countries including Australia and UCITS (Undertakings for the Collective Investment of Transferable Securities) in the European Fund and Asset Management Association s statistics on the European investment fund industry. 3 P a g e

5 3. Estimating the size of Australia s MFs The Australian MFs industry is among the largest in the world, with total assets of US$2.01 trillion (A$2.62 trillion) in June 2015, according to official data released by Australian Bureau of Statistics (ABS). It is important to note that the figure quoted here is different from the one (US$1.6tn) on the chart on page 3, mainly due to the different definitions used by the two sources (more details found in the following paragraphs). The table below illustrates how the ABS estimates the consolidated assets of Australia s resident MFs by eliminating any cross investment that takes place between the various types of institutions. For example, investments by superannuation funds in public unit trusts are excluded from the assets of superannuation funds in a consolidated presentation. Note that the ABS total consolidated assets estimate of A$2.06 trillion is the basis for the ICI estimate reported earlier. AUSTRALIA'S RESIDENT MANAGED FUNDS INSTITUTIONS Assets at end of period, A$ Billions Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 CONSOLIDATED ASSETS OF MANAGED FUNDS INSTITUTIONS Total 1, , , , , ,059.9 Superannuation (pension) funds , , , ,485.5 Life insurance corporations Public offer (retail) unit trusts Cash management trusts Common funds Friendly societies CROSS INVESTED ASSETS BETWEEN MANAGED FUNDS INSTITUTIONS Total Superannuation (pension) funds Life insurance corporations Public offer (retail) unit trusts Cash management trusts Common funds Friendly societies UNCONSOLIDATED ASSETS OF MANAGED FUNDS INSTITUTIONS Total 1, , , , , ,594.2 Superannuation (pension) funds 1, , , , , ,933.5 Life insurance corporations Public offer (retail) unit trusts Cash management trusts Common funds Friendly societies Sources: Australian Bureau of Statistics, Cat. No Managed Funds, Australia, TABLE 2. SUMMARY MANAGED FUNDS INSTITUTIONS, Assets at end of period; Austrade In order to derive Australia s total MFs industry assets, the ABS adds investment funds from other resident investors and overseas investors to Australia s resident MFs institutions assets. The following diagram [sourced from page 5, ABS Cat. No Managed Funds, June 2015] shows the total consolidated assets of Australia s MFs industry assets at 30 June 2015 and the relationship between these three components of the industry: The bottom panel of the chart overleaf (in blue dotted oval) shows the three major different sources of Australia s MFs on a consolidated basis: (1) resident MFs institutions, (2) other resident investors and (3) overseas investors. (1) Resident MFs institutions (A$2,060b or US$1,588b), referred to by the ABS as funds managed by collective investment institutions (CIIs), include the consolidated assets of superannuation 4 P a g e

6 (pension) funds (A$1,486b), life insurance corporations (A$249b), Public offer (retail) unit trusts (A$279b), cash management trusts (A$34b), common funds (A$8b) and friendly societies (A$5b); (2) Other resident investors (A$479b) include funds sourced from governments, charities, other trusts, general insurance companies and other sources. That is, funds managed by Australian investment managers on behalf of Australian entities other than CIIs; and (3) Overseas investors (A$94b). Note that overseas sourced funds do not include investments held by Australian nominees on behalf of overseas investors). ICI estimate base on this figure 5 P a g e

7 4. Calculating Australia s global ranking The rapid expansion in MFs assets has resulted in Australia having one of the world s largest investment pools. While differences in coverage and definitions make precise cross country comparison of MFs markets difficult, in the BMR we use a global survey of Worldwide Mutual Fund Assets and Flows conducted by the Investment Company Institute (ICI) which ranked Australia as having the seventh largest MFs market in the world in June 2015 (see chart below). As explained above, it is important to note that Australian figures in the ICI survey are based on a narrower definition of MFs that only includes the funds sourced from Australia s CIIs (A$2,060b or US$1,588b). The ICI survey exclude funds (A$479b) placed with non-resident investment managers or directly invested into the markets, and funds (A$94b) sourced from overseas investors. Remember, according to the ABS, total assets of these three sources (excluding double counting components, i.e. funds (A$10.9b) invested by resident investment managers with other resident investment managers) totalled A$2,622 billion (US$2,014b) in June quarter Based on ICI estimate The ICI estimate Based on our own estimates. Details on page 9 The ABS estimate 6 P a g e

8 5. Treatments of international managed funds data While many research houses have published different sets of global managed funds data around the world, the reason the BMR uses the ICI ranking is that the ICI has compiled one of the most comprehensive data of MFs assets by economy and also regularly releases MFs figures on a quarterly basis (see table below). TOTAL ASSETS OF WORLD'S MANAGED FUNDS 1 BY TYPE OF FUND (EXCLUDING FUNDS OF FUNDS) Millions of US$, June Quarter 2015 Total Equity Bond Balanced/ Mixed Money Market Guaranteed/ Protected Real Estate Other Funds World 38,273 16,733 8,210 5,409 4, ,818 Americas 20,297 10,698 4,550 2,113 2, Europe 13,222 3,841 3,208 2,791 1, ,679 Asia and Pacific 4,608 2, Africa USA 18,223 10,307 3,833 1,409 2, Luxembourg 3,691 1,202 1, Ireland 2, France 1, Germany 1, UK 1, Australia 1, Japan 1,263 1, China 1, Canada Brazil Switzerland South Korea Sweden Spain Italy India Austria South Africa Denmark Mexico Norway Belgium Finland Netherlands Taiwan Liechtenstein Chile New Zealand Poland Portugal Argentina Hungary Turkey Czech Republic Trinidad & Tobago Slovakia Philippines Romania Greece Pakistan Malta Costa Rica Slovenia Croatia Bulgaria Refers to home domiciled funds, except New Zealand, which include home and foreign-domiciled funds. Funds of funds are not included, except for France, Germany, Italy and Luxembourg. Sources: Investment Company Institute, Worldwide Mutual Fund Assets and Flows, second quarter 2015 (released 30 September 2015); Austrade 7 P a g e

9 MFs figures in the table on page 7 are referred to home domiciled funds, except New Zealand, which include home and foreign-domiciled funds. The figures also exclude funds of funds, except for France, Germany, Italy and Luxembourg. In this ICI statistical release, managed fund refers to a publicly offered, open-end fund investing in transferable securities and to money market funds. This definition is equivalent to mutual fund in the USA and UCITS (Undertakings for the Collective Investment of Transferable Securities) in the European Fund and Asset Management Association s statistics on the European investment fund industry. For Australia, the ICI survey quotes the data on "managed funds" from the ABS and only includes consolidated assets of domestic CIIs (that is, A$2,060b or US$1.588b). Unfortunately for the purposes of constructing a regional ranking, the ICI quarterly survey does not cover the MFs markets of both Hong Kong and Singapore. To compare the rankings of these economies MFs, local figures from the annual surveys of Securities and Futures Commission of Hong Kong and Monetary Authority of Singapore have been extracted (see chart on page 6). To ensure the comparability of the statistics of these two economies with the ICI survey, we have excluded Hong Kong s real estate investment trusts (REIT) AUM as well as excluded funds sub-contracted or delegated to other offices or third parties overseas for management. And we have excluded alternative AUM from the total assets of Singapore s FUM. Note also that Hong Kong s and Singapore s figures are only published in July each year with a time lag of almost half year compared with quarterly released international data of the ICI survey. 8 P a g e

10 Annex 1. Significance of Pension funds in Australia s managed fund industry Australia s pension funds (locally known as superannuation ) are the largest contributor to the nation s MFs industry. Since the introduction of Australia s mandatory retirement income system in 1992, the MFs industry (measured by assets under management) has grown by a compound growth rate of around 11 per cent a year (in A$ terms). Since 1995 the MFs assets have grown by almost eightfold to A$2.6 trillion. This has been largely driven by the solid growth in Australia s pension industry assets, from only A$241 billion to above A$1.7 trillion over the past two decades. Pensions can be offered and managed by several types of financing vehicles. Pension funds, insurance contracts (offered by insurance companies), reserves in employers books and bank and investment companies MFs are, according to the OECD, the main types of financing vehicles (see table on the following page). In OECD countries, pension funds are the main financing vehicle for private pension plans, with US$28 trillion of AUM, which represented about three quarters of total private pension assets at the end of Pension insurance contracts managed US$4.4 trillion (i.e. 12 per cent of total private pension assets), followed by employers book reserves and other (US$5.2 trillion or 14 per cent). However, confusion about the pension fund definitions arise because many research houses have not clearly defined what financing vehicles for private pension funds in each economy they measure and rank. As such, statistical discrepancies among different publications can be significant. For example, total pension funds in the USA were estimated to be around US$24 trillion in 2014, while its occupational pension fund accounted for US$14 trillion or 60 per cent of the nation s total pension assets. In a few countries however, pension funds do not account for the largest share of private pension assets. In Denmark, France, South Korea and Sweden for example, insurance companies hold more pension-related assets than pension funds (see table on the following page). In Denmark, most of the occupational pension plans are managed by specialised life insurance companies. In Australia, most of our private pension funds come from occupational pension plans, largely due to the nature of the mandatory income retirement scheme. Whichever definitions are used, Australia s pension fund assets appear to be globally significant. Australia s total assets managed by pension funds were ranked as the fourth highest among 34 OECD economies in 2014, up from sixth in Australia would be ranked as the third largest if only occupational pension plan figures were used to benchmark the totals. The global significance of Australia s pension funds has been largely attributable to the impressive growth of its industry over the past two decades. Between 2001 and 2014 (the longest time series available from the OECD database) Australia pension fund assets grew relatively fast at the rate of more than 15 per cent a year (in US$ terms). Australia s growth rate was more than double the average growth rate of 34 OECD countries of 6.9 per cent, and also much stronger than the US (6.1 per cent), the UK (7.5 per cent) and Canada (9.5 per cent). 9 P a g e

11 OECD Pension Assets by Country 2014 Rank 2014, US$billion Assets % share Occupational and Personal (autonomous) Occupational Pension Plans Personal Pension Plans 1 USA 24, , , , , , UK 2, , Canada 2, , , , Australia 1, , Netherlands 1, , Japan Switzerland Denmark Sweden South Korea France Germany Mexico Spain Chile Italy Israel Finland Ireland Poland Turkey New Zealand Norway Belgium Austria Iceland Portugal Czech Republic Slovak Republic Hungary Slovenia Estonia Luxembourg Greece Sources: OECD Dataset: Funded Pension Statistics extracted on 10 Dec :40 UTC (GMT) from OECD.Stat by Austrade 1. Pension funds (autonomous):the pool of assets forming an independent legal entity that are bought with the contributions to a pension plan for the exclusive purpose of financing pension plan benefits. The plan/fund members have a legal or beneficial right or some other contractual claim against the assets of the pension fund. Pension funds take the form of either a special purpose entity with legal personality (such as a trust, foundation, or corporate entity) or a legally separated fund without legal personality managed by a dedicated provider (pension fund management company) or other financial institution on behalf of the plan/fund members. 2. Pension insurance contracts: An insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension plan benefits will be paid when the members reach a specified retirement age or on earlier exit of members from the plan. 4. Other type of financing vehicle not included in occupational pension assets, personal pensions assets, pension insurance contracts and book reserves. 5. Data represents 2013 ALL PENSION TOTAL Investment of Pension fund assets (autonomous) 1 Pension Insurance contracts' Assets 2 Book Reserve 3 (non- Autonomous) or/and Other 4 3. Book reserves (non-autonomous): Book reserves are sums entered in the balance sheet of the plan sponsor as reserves or provisions for pension benefits. Some assets may be held in separate accounts for the purpose of financing benefits, but are not legally or contractually pension plan assets. 10 P a g e

12 ANNEX 2. The CityUK Estimate of Global Managed Fund Assets The London-based CityUK in its latest survey published another, alternative set of worldwide MFs data. The research house names pension funds, mutual funds and insurance assets as conventional investment management assets (see table below), while they consider other institutions, such as sovereign wealth funds (SWFs), private equity funds (PEs), exchange trade funds (ETFs), hedge funds (HFs) and private wealth (PW) as non-conventional (alternative) investment management assets. An immediate problem is that double counting is likely to occur in the table below. The pension fund assets are likely to have already been included in the calculation of total mutual fund assets. It is difficult though to state just how much of an overlap there is, and it probably varies from economy to economy. Austrade has made reasonable efforts to confirm the accuracy of the information contained in this paper. However, it has relied on external sources and cannot guarantee the accuracy of that information. Readers should not rely on the information provided and should make their own inquiries when making trade and investment decisions. 11 P a g e

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