The Italian Asset Management market
|
|
|
- Clarence Carroll
- 7 years ago
- Views:
Transcription
1 key figures Research Department
2 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
3 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
4 The Italian AM market (Jan 2015: May 2016) AuM, net flows & performance, bn. 4
5 Net flows (monthly data) Jan bn 2013 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Monthly data. Source: Assogestioni. 5
6 Product breakdown IV I +1.4 : M4+M : M4+M I III II Open end Funds Retail Mandates (discretionary portfolios) I +1.1 IV +5.5 III 0.2 : M4+M % 123 7% 49 3% 4% % II III IV +9.7 Closed end Funds Institutional Mandates : M4+M I +8.1 IV 2015 II II III 6
7 Long term trend bn, yearly data. Source: Assogestioni. 7
8 GENERALI EURIZON CAPITAL FIDEURAM PIONEER INVESTMENTS ANIMA HOLDING POSTE ITALIANE BLACKROCK ALLIANZ UBI BANCA MEDIOLANUM AMUNDI AZIMUT BNP PARIBAS AXA BANCO POPOLARE ARCA bn 2% 3% 4% 5% % 73% 82% Funds AuM (May 2016) Top 15 Groups 470 8% 25% 15% 0% 2% 3% 5% 6% 8% n.a Mand. x%: Mkt share + Net flows 2016 :M % 4% 8% 12% 16% 20% 24% Net sales as % AuM
9 Open-end funds: domicile breakdown Dec Dec May % 27% 26% 31% 43% : M5 Domestic +0.0 R trip/offshore Foreign % I :M4+M5 AuM & net flows, bn. 9
10 Long term trend: open-end funds bn, yearly data. Source: Assogestioni. 10
11 Top 15 Groups (open-end funds only) AuM (May 2016) Net flows 2016 :M % 2% 4% 6% 8% 10% 0% 8% 16% 24% 32% 40% EURIZON CAPITAL FIDEURAM PIONEER INVESTMENTS GENERALI BLACKROCK ANIMA HOLDING MEDIOLANUM AZIMUT UBI BANCA JPMORGAN AM ARCA AMUNDI INVESCO FRANKLIN TEMPLETON DEUTSCHE BANK SCHRODERS bn 1% 2% 3% 5% 5% 4% 6% 7% 9% 10% 52% 68% 79% 15% Domestic n.a. 10.2% R trip/offshore Foreign x%: Mkt share + n.a Net sales as % AuM 11
12 Asset Class breakdown TOTAL 21% 8% 5% 40% 25% DOMESTIC 8% 2% 40% 41% 230 bn 29% R TRIP/OFFSHORE 18% 8% 40% 26% 296 bn 37% FOREIGN 35% 8% 40% 10% 275 bn 34% March % 20% 40% 60% 80% 100% Equity Balanced Money Market Bond Flexible Hedge 12
13 AuM (Mar 2016) Equity & balanced funds Net flows 2016 I % 2% 4% 6% 8% 10% 0% 8% 16% 24% 32% 40% ITALY EURO AREA 5% 5% EUROPE 23% AMERICA 14% PACIFIC AREA 5% EMERGING MKTS 8% SPECIAL. COUNTRY 5% GLOBAL 23% SPECIAL. SECTOR 9% OTHER 5% BALANCED bn Domestic R trip/offshore Foreign x%: Mkt share + Net sales as % AuM 13
14 MM FUNDS Money mkt, Bond, Flex & Hedge funds AuM (Mar 2016) Net flows 2016 I % 1% 2% 3% 4% 5% +23% % 4% 8% 12% 16% 20% +23% ITALY EURO GOV. SHORT T. EURO GOV. M/L TERM EURO CORPORATE / HY DOLLAR AREA GLOBAL EM MIXED SPECIALIZED FLEX (BOND) 1% 8% 12% 10% 3% 7% 6% 14% 19% 20% FLEX % HEDGE bn Domestic R trip/offshore Foreign x%: Mkt share Net sales as % AuM 14
15 Net & gross flows Net ( bn) Gross ( bn) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q % 40% 30% 20% Gross Sales Gross Redemptions Net Sales Funds w/net Sales>0 15
16 The blockbuster effect : top quartile funds take all Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q Q1 Net flows, bn. I II III IV Top 1% New Stories 16
17 New stories tag cloud Year New funds STRATEG FORMULA 20 CORPORATE CASH MONEY EMERGING SELECTION LIQUID CONVERTIBLE ASIA STRUCTURED ABS BREVE PROTETTO INDEX BOND MONET ETF CEDOLA EQUITY COUPON TOTAL MONET ETF INDEX PROTETTO EMERGING EQUITY ABS COUPON 20 CASH ASIA BREVE CONVERTIBLE STRATEG CORPORATE CEDOLA FORMULA STRUCTURED BOND LIQUID TOTAL SELECTION MONEY TOTAL MONET PROTETTO ETF ABS ASIA CONVERTIBLE CORPORATE STRATEG BOND 20 FORMULA LIQUID BREVE EMERGING CEDOLA SELECTION MONEY CASH EQUITY STRUCTURED COUPON INDEX BREVE ASIA INDEX STRATEG EQUITY ETF 20 MONEY MONET FORMULA ABS STRUCTURED CASH EMERGING SELECTION COUPON TOTAL PROTETTO LIQUID BOND CORPORATE CEDOLA CONVERTIBLE 17
18 DISCRETIONARY MANDATES (GPF) Mandates: AuM & Net Sales trends AuM (Mar 2016) 3% Net flows 2016 I % 1% 2% 3% 0% 6% 12% 18% 24% DISCRETIONARY MANDATES (GPM) 10% PENSION PLANS 8% INSURANCE PRODUCTS (TRADITIONAL) % INSURANCE PRODUCTS (UNIT & INDEX L ED) 7% OTHER 9% bn Foreign Co. Domestic Co. x%: Mkt share Net sales as % AuM 18
19 GENERALI EURIZON CAPITAL FIDEURAM POSTE ITALIANE PIONEER INVESTMENTS ALLIANZ AXA UBI BANCA AMUNDI BANCO POPOLARE ANIMA HOLDING BNP PARIBAS CREDITO EMILIANO CREDIT SUISSE BLACKROCK BANCA ESPERIA bn 1% Top 15 Groups (mandates only) AuM (May 2016) 2% 3% 4% 5% 6% % 7% 77% 87% Retail 40% 15% 0% 2% 4% 6% 8% 10% 12% 14% n.a. +16% Instit. x%: Mkt share + Net flows 2016 :M % 4% 8% 12% 16% 20% 24% n.a Net sales as % AuM
20 Insurance Mandates & Captive/Affiliated Insurers GENERALI INVESTMENTS GENERALI ASSICURAZIONI (Gr.) Italian Market: 30% EURIZON CAPITAL / FIDEURAM INTESA SANPAOLO VITA (Gr.) POSTE ITALIANE POSTE VITA PIONEER INVESTMENTS UCB (JV AVIVA / ALLIANZ / CNP) ALLIANZ ALLIANZ ASS. (Gr.) AXA AXA ASS. (Gr.) AMUNDI CREDIT AGRICOLE VITA Italian insurance market (Mar 2016) % BANCO POPOLARE BP (JV AVIPOP / POPOLARE VITA) UBI BANCA UBI BANCA (JV AVIVA / LOMBARDA VITA) BNP PARIBAS BNPP CARDIF VITA bn Mandates Technical Res. bn, December Source: Assogestioni, balance sheets. 20
21 Life Insurance Market: long-term trend Dec Max Unit&Index l. Mar % Funds 26% Bond 67% Dec Dec bn, yearly data. Source: Ania, Ivass. 21
22 Top 10 Life Insurance Groups Technical Reserves (Dec 2015, Ɨ 2014) Flows GENERALI INTESA SANPAOLO Generali Ass./Generali Italia/Alleanza Ass./BG Vita Intesa Sanpaolo Vita/Fideuram Vita POSTE ITALIANE 55% ALLIANZ Allianz/Creditras Vita Ɨ * UNIPOLSAI Unipolsai/Popolare Vita/Bim Vita/Arca Vita Ɨ 70% * MEDIOLANUM AVIVA Ɨ * AXA Ɨ * BNP PARIBAS Ɨ * CATTOLICA Ɨ 85% * bn Class I & Other Class III (unit/index) x%: Mkt share Net flows (*: not + available) Premiums 22
23 Top 10 Unit&Index Linked Groups Technical Reserves (Dec 2015, Ɨ 2014) Flows INTESA SANPAOLO Intesa Sanpaolo Vita/Fideuram Vita ALLIANZ Allianz/Creditras Vita Ɨ * MEDIOLANUM GENERALI POSTE ITALIANE Generali Ass./Generali Italia/Alleanza/BG Vita 51% 68% OLD MUTUAL Ɨ * AVIVA Ɨ * CNP ASSURANCES Ɨ * CREDIT AGRICOLE Ɨ * UNIPOLSAI Ɨ 87% * bn x%: Mkt share + Net flows (*: not available) Premiums 23
24 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
25 A pro-cyclical market MSCI WORLD (Loc) bn, yearly data. Source: Assogestioni, MSCI. 25
26 ... in search for yield BTP Yield (Rendistato) may % Yield. Source: Bank of Italy. 26
27 AM Market, GDP & Bank credit Net sales (r.) Corporate loans (l.,index) GDP (l.,index) Italy Germany France UK bn 90 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I '16 60 Source: Assogestioni, Bank of Italy, Eurostat. 27
28 Households: less bonds, more funds (flow view) bn Currency&Deposits Italian Gov.Bonds Bank Bonds Investment Funds Pension Funds&Life Products bn. Source: Bank of Italy. 28
29 Households: less bonds, more funds (stock view) Total Asset Currency & deposits Bonds Issued by Total banks Total Stocks Listed Investm ent funds Pension funds & life pr Italy bn % % % % % % % , % 22.6% 1.9% 19.3% 2.8% 5.8% 8.7% , % 16.5% 6.4% 29.5% 5.4% 17.0% 10.0% , % 19.0% 7.1% 28.3% 2.4% 11.0% 14.2% , % 19.7% 10.3% 20.1% 2.0% 7.5% 17.6% , % 19.3% 10.0% 19.7% 1.6% 7.3% 17.8% , % 13.6% 6.2% 22.0% 1.6% 9.6% 19.4% , % 10.7% 4.5% 23.3% 1.6% 11.1% 20.1% 2015 France 4, % 1.4% n.a. 20.8% 4.7% 7.0% 34.1% Germany 5, % 3.2% n.a. 10.4% 5.0% 9.9% 31.0% UK 8, % 1.5% n.a. 7.4% 2.3% 4.1% 58.1% USA 64, % 4.6% n.a. 34.2% n.a. 13.0% 32.5% %. Source: Eurostat, OECD, BCE, Deutsche Bundesbank. 29
30 The uptick of the saving rate is good news for the industry 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% Q4 0% EU avg Italy Germany France UK Gross household saving rates. Source: Eurostat. 30
31 Banks: no more dependent on funding from retail investors Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Retail Bank Bonds Domestic and Round Trip Funds Foreign Funds Quarterly flows, bn. Source: Assogestioni, Bank of Italy. 31
32 ... and urged to sustain profitability through non interest-based sources of revenues Q Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Funds flows, captive Man.Cos (l.) Net interest margin (r.) bn. Source: Assogestioni, bank balance sheets (Top 5 groups). 32
33 The success of funds with high margins (target-date funds) MM FUNDS AuM (Mar 2016) Net flows 2016 I % 1% 2% 3% 4% 5% +23% % 4% 8% 12% 16% 20% +23% ITALY EURO GOV. SHORT T. EURO GOV. M/L TERM EURO CORPORATE / HY DOLLAR AREA GLOBAL EM MIXED SPECIALIZED FLEX (BOND) 1% 8% 12% 10% 3% 7% 6% 14% 19% 20% FLEX % HEDGE bn Domestic R trip/offshore Foreign x%: Mkt share Net sales as % AuM 33
34 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
35 Net Assets by fund domicile 3,395 3% +13% 13,039 2% +17% 1,761 +2% +9% 1,667 1% +6% 1,398 6% +13% 1,831 4% +14% 61% Ucits AIF 16Q1 15 Growth rate 90% Spezialf % +21% 276 2% +13% Germany 14% France 13% UK 11% Switzerland 4% Italy 2% Luxembourg 26% Ireland 14% Europe 100% 44% 40% 2016Q1 bn. Source: Efama, AFG, BVI. 35
36 Net sales by fund domicile Italy 8% 6% 4% 2% +0% +2% +4% +6% +8% France 8% 6% 4% 2% +0% +2% +4% +6% +8% Germany 8% 6% 4% 2% +0% +2% +4% +6% +8% 14% IV III II IV I III II I I % % UK 8% 6% 4% 2% +0% +2% +4% +6% +8% Luxembourg 8% 6% 4% 2% +0% +2% +4% +6% +8% Europe 8% 6% 4% 2% +0% +2% +4% +6% +8% I I IV III II IV III II I Net sales as a % of AuM. Yearly data in bn. Source: Efama, BVI. 36
37 Net Assets by fund domicile Long-term growth Ireland Luxembourg UK France Germany 100 Italy Q1 Index values. Source: Efama. 37
38 Net Assets by fund group domicile 3,395 3% +13% 13,039 2% +17% 2,324 +1% +10% Exp 10% 1,962 1% +8% 2,544 5% +13% Exp > 90% 969 2% +7% % +15% 61% 1,831 4% +14% 39% 61% Domestic Funds Ucits Domestic Funds AIF Luxembourg Funds Irish Funds 16 Q1 Growth rate 15 Germany 24% France 15% UK 45% Switzerland 49% Italy 51% Luxembourg Ireland Europe 2016Q1. bn. Foreign (Round-trip) share in %. Est. on Efama, Assogestioni, ALFI & IFIA data. 38
39 Net sales: fund domicile vs. fund group domicile Italy 8% 6% 4% 2% +0% +2% +4% +6% +8% France 8% 6% 4% 2% +0% +2% +4% +6% +8% Germany 8% 6% 4% 2% +0% +2% +4% +6% +8% 14% 9% IV III II IV I III I II I % % UK 8% 6% 4% 2% +0% +2% +4% +6% +8% Luxembourg 8% 6% 4% 2% +0% +2% +4% +6% +8% Europe 8% 6% 4% 2% +0% +2% +4% +6% +8% I I II IV II III I III IV Net sales as a % of AuM. Fund domicile (blue), fund group domicile (black). Est. on Efama, Assogestioni, ALFI, IFIA & BVI data. 39
40 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
41 Household saving rates in Europe 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% Q4 0% EU avg Italy Germany France UK Gross household saving rates. Source: Eurostat. 41
42 How income & consumption Δ% affect saving rates 1.5% 1.0% consumption 0.5% 0.0% 16% 14% 13.8% 12% Italy -0.5% 10% 10.4% -1.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 8% Q4 income 2008Q4:2015Q4. Source: Eurostat. 42
43 How income & consumption Δ% affect saving rates 1.5% 1.0% consumption 0.5% 0.0% 18% 16% 14% 12% 10% 17.1% Germany 17.0% -0.5% -1.0% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 18% 16% 14% 12% 10% France 14.7% % 2015 Q4 income 2008Q4:2015Q4. Source: Eurostat. 43
44 How income & consumption Δ% affect saving rates 1.5% 1.0% consumption 0.5% 0.0% 12% 10% 8% UK 11.7% -0.5% 6% 5.8% 4.7% -1.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 4% Q4 income 2008Q4:2015Q4 Source: Eurostat. 44
45 Household financial portfolio breakdown Total Issued by banks Total Listed Italy bn % % % % % % % , % 22.6% 1.9% 19.3% 2.8% 5.8% 8.7% , % 16.5% 6.4% 29.5% 5.4% 17.0% 10.0% , % 19.0% 7.1% 28.3% 2.4% 11.0% 14.2% , % 19.7% 10.3% 20.1% 2.0% 7.5% 17.6% , % 19.3% 10.0% 19.7% 1.6% 7.3% 17.8% , % 13.6% 6.2% 22.0% 1.6% 9.6% 19.4% , % 10.7% 4.5% 23.3% 1.6% 11.1% 20.1% 2015 Total Asset Currency & deposits Bonds Stocks Investment funds Pension funds & life pr France 4, % 1.4% n.a. 20.8% 4.7% 7.0% 34.1% Germany 5, % 3.2% n.a. 10.4% 5.0% 9.9% 31.0% UK 8, % 1.5% n.a. 7.4% 2.3% 4.1% 58.1% USA 64, % 4.6% n.a. 34.2% n.a. 13.0% 32.5% %. Source: Eurostat, OECD, BCE, Deutsche Bundesbank. High level of direct investment (~ 35%) Decreasing amounts of bank issued bonds (5.0%) Negligible level of listed shares. High level of unlisted ones. Funds: rise until 1999 (18%) then down, then again up. Pensions/life product: up but still too modest. 45
46 Managed products in household portfolios Investment funds Pension funds & life products 20% 18% 16% abnormally high? 60% 50% 14% 12% 40% 10% 8% 30% 6% too low? 20% 4% 2% 0% % 0% Italy France Germany United Kingdom USA Source: Eurostat, OECD, BCE, Deutsche Bundesbank. 46
47 key figures Research Department
The Italian Asset Management market
key figures Research Department 1. Summary statistics Open-end funds Mandates The recent mkt recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales by fund /
The Italian Asset Management market
key figures 23 April 2014 Research Department 1. Summary statistics Open-end funds Mandates The recent mkt recovery, some tentative explanations 2. The European Investment Fund Industry Net assets & sales
The Italian Insurance Market
www.pwc.com/it September 2015 The Italian Insurance Market (2014 figures+ 3M15 overview) Agenda Page 1 Italian insurance market snapshots 1 2 Italian life insurance market 7 3 Italian nonlife insurance
TABELLA DELLE VARIAZIONI DI PORTAFOGLIO I 20 MAGGIORI ACQUISTI E VENDITE PER COMPARTO (NON SOTTOPOSTI A REVISIONE CONTABILE) (valori espressi in EUR)
US COLLECTION 03-ott-14 Health Care Select Sector SPDR Fund 4.986.027 27-mar-14 Legg Mason Global Funds PLC - ClearBridge U.S. Aggressive Growth Fund 4.831.202 27-mar-14 Legg Mason Global Funds PLC - Royce
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
Ranking of the Largest European Insurance Groups 2012. Total, Life and Non-Life
Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European
Extract from. Études et Dossiers No. 342. KIDI International Conference 2007
International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 342 KIDI International Conference 2007 New Risk Management Environment and Strategy
Sanpaolo Wealth Management
Sanpaolo Wealth Management Implementation update and operating results Analyst Meeting Milan, October 6 th 2003 AGENDA 1. SANPAOLO WEALTH MANAGEMENT: MISSION AND KEY FIGURES 2. RESULTS AND IMPACT ON VALUE
Montepaschi Vita Annual F orum. Rome, October 12th - Grand Hotel Plaza, via del Corso, 126
Montepaschi Vita Annual F orum Rome, October 12th - Grand Hotel Plaza, via del Corso, 126 2007 The Paradigms of the Value Insurance companies and banks: complementariness and competition How to produce
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
BPER GROUP 2011 Results. Luigi Odorici - Chief Executive Officer
BPER GROUP 2011 Results Luigi Odorici - Chief Executive Officer Milan, 14 March 2012 Disclaimer This document has been prepared by Banca popolare dell Emilia Romagna solely for information purposes, and
Quest for Growth Results for Q3, January-March 2003
Quest for Growth Results for Q3, January-March 2003 1 Jan Keuppens joins Quest Management Investment Manager Quoted Portfolio of Quest for Growth Former technology analyst with AXA Investment Managers,
Jupiter Fund Management plc. Preliminary Results: 7 March 2012
Jupiter Fund Management plc Preliminary Results: 7 March 2012 Forward-looking statements This presentation may contain certain forward-looking statements with respect to certain plans of Jupiter Fund Management
Unipol Gruppo Finanziario Bancassurance Strategy
UNIPOL GRUPPO FINANZIARIO UBS The Italian Financial Services Conference 2010 Unipol Gruppo Finanziario Bancassurance Strategy 21 January 2010 Carlo Cimbri, General Manager Agenda The Bancassurance scenario
UPDATE ON CURRENT MACRO ENVIRONMENT
1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1
Alternative Investment Fund Managers. Entwicklungen
FMA Aufsichtskonferenz 27. September 2010, Wien Alternative Investment Fund Managers Richtlinieaktueller Stand und zukünftige Entwicklungen Peter De Proft Director General "EFAMA Land" 26 Countries: 22
Facts & Figures Luxembourg Economy
Luxembourg Economy ECONOMY Population 549 7 1-Jan-14 Women 274 6 Luxembourgers 3 8 (54.72%) Foreigners 248 9 (45.28%) of which Portuguese 9 8 Italians 18 8 French 37 1 Belgians 18 1 Germans 12 7 British
Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation
Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation 27th November, 2013 Agenda Introduction Backdrop: bank lending to companies in Germany, France, UK, Italy and Spain Policymakers
2014 Asia Securities Forum Presented by the Korea Financial Investment Association
2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2
DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT. October 2014
DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT October 2014 2 Kingdom of Denmark: AAA, Stable Outlook Low government debt Current account surplus and net external assets Reform-oriented policies
UNLOCKING VALUE IN EUROPEAN HIGH YIELD
UNLOCKING VALUE IN EUROPEAN HIGH YIELD 26 March 2015 Mike Della Vedova T. Rowe Price European High Yield Portfolio Manager About T. Rowe Price As of 31 December 2014 Figures Shown in Euros T. ROWE PRICE:
European Equities benefit while Japanese Equities saw redemptions
Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 12 October 2015 European Equities benefit while Japanese Equities saw redemptions Data in
Asset Management in Europe: Facts and Figures. EFAMA s Second Annual Report
Asset Management in Europe: Facts and Figures EFAMA s Second Annual Report April 2009 Table of Contents 1 Key Findings... 3 2 Key Figures at end 2007... 4 3 Introduction... 5 3.1 The EFAMA s Annual Asset
New Record Monthly Inflow into European ETPs (Revised)
Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 11 February 2015 New Record Monthly Inflow into European ETPs (Revised) Contributors Ari
THOMSON REUTERS LIPPER
THOMSON REUTERS LIPPER EUROPEAN FUND FLOWS REPORT: SEPTEMBER 2015 Please attribute the content to Detlef Glow, Lipper s head of EMEA research and the author of this report. Date of issue: October 19, 2015
Staying alive: Bond strategies for a normalising world
Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should
Berlin, June 11-13, 2008. European Financials Conference. Asset Gathering in Italy: The Advantages of the Financial Promoter Network Model
Berlin, June 11-13, 2008 European Asset Gathering in Italy: The Advantages of the Financial Promoter Network Model Table of Contents The Advantages of the Financial Promoter Network Model pg. 3 Indicators
Kames Absolute Return Bond Fund
Kames Absolute Return Bond Fund March 2014 Colin Finlayson Investment Manager, Fixed Income Kames Absolute Return Bond Fund Performance target: 3 month GBP LIBOR +2-3% p.a. net of fees over rolling 3 years
Asset Management in Europe
May 2012 Asset Management in Europe Facts and Figures 5 th ANNUAL REVIEW Table of Contents Key Findings... 2 Key Figures... 3 1 The EFAMA Annual Asset Management Report... 4 2 AuM, Employment and Industrial
Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research
Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3
Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015
Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America
Deutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
The Dollar Implosion as the Trigger for the Gold and Silver Parabolic Explosion. Italy will not make it! Rolf Nef Manager Tell Gold & Silver Fund
The Dollar Implosion as the Trigger for the Gold and Silver Parabolic Explosion. Italy will not make it! Rolf Nef Manager Tell Gold & Silver Fund LuganoCommodityForum 2012 Performance Tell Gold & Silver
ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES
NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics
HSBC Global Investment Funds Global High Yield Bond
Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital
Spanish Banking Sector.
Spanish Banking Sector: Progress Report 22/2/211 Spanish Banking Sector. September 211 London, 22nd February 211 Tokyo, xx February 211 London Hong Kong, 2 th September xx February 211 Singapore, xx February
Ghana's Economic Performance 2010
GHANA STATISTICAL SERVICE (GSS) Statistics for Development and Progress Ghana's Economic Performance 21 i n f i g u r e s P.O. Box GP 198, Accra www. statsghana.gov.gh 211 Ghana's Economic Performance
Analysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
2Q15 Consolidated Earnings Results
2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
Santander Asset Management Focus on LATAM. Sao Paulo, May 2011
Santander Asset Management Focus on LATAM Sao Paulo, May 2011 2 Santander Asset Management advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and estimates
FLOW OF FUNDS REPORT IV TUYID Q1
FLOW OF FUNDS REPORT IV TUYID Q1 2014 January, 2014 Dear Readers, This volume of the Flow of Funds Report, which provides important insight about the inflow and outflow of funds, as well as investment
BRE Bank Group Total Assets. GDP, consumption and investment dynamics
100 90 80 BRE Bank Group Total Assets PLN B 82.6 81.0 90.0 98.9 70 60 55.9 50 40 30 20 10 0 0.0 0.0 0.3 0.5 0.5 0.7 0.9 1.4 2.6 4.1 6.2 14.4 16.2 11.0 30.5 30.5 32.7 27.4 24.8 42.3 1987 1988 1989 1990
Overview of Korean ETF Market 2010. 8
Overview of Korean ETF Market 2010. 8 1 Agenda About ETFs Overview Key success factors of ETFs New Trends of Korean ETF Industry Challenges to Korean ETF Industry 2 About ETF 3 What is ETFs ETFs are open-end
JOB TITLE COUNTRY COMPANY FINANCIAL STRATEGY AND CAPITAL MARKETS A2A S.P.A. ITALY CREDIT ANALYST ABI ITALY MANAGING PARTNER ABSOLUTE ENERGY CAPITAL
COMPANY A2A S.P.A. ABI ABSOLUTE ENERGY CAPITAL AEROPORTO G. MARCONI DI BOLOGNA S.P.A. AGENZIA DEL DEMANIO ALBA LEASING ALBA LEASING ALESSIA SICAV ALGEBRIS INVESTMENTS ALITALIA AMPLIFON AMUNDI ARCA SGR
Inflows into European Equities Despite Greek Crisis Data in this report is as of 30th June 2015
Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 July 2015 Inflows into European Equities Despite Greek Crisis Data in this report is as
1Q15 Consolidated Earnings Results
1Q15 Consolidated Earnings Results Colombian Banking GAAP and IFRS June 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States,
Highlights of 1H FY2015 Results. November 18, 2015
Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27
Investing in Bonds challenges and opportunities in 2015
For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is
The Italian NPL market
www.pwc.com/it The Italian NPL market 1H 2013 Market update 1 At a glance The NPL volume and coverage levels The Gross NPL volume continues to grow and reached 140 bn in July 13. Despite 2012 YE and 1H
Need to know finance
Need to know finance You can t hide from it Every decision has financial implications Estimating sales and cost of sales (aka direct costs) Gross Profit and Gross Profit Margin (GPM) Sales cost of sales
State budget borrowing requirements financing plan and its background May 2013
Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'
1. 2015 Gross Borrowing Requirements and Funding Plan
1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase
UNIT TRUST Risk Rating
1 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST- LYXOR CHINA A FUND Medium-to-high 2 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST- LYXOR DYNAMIC WATER FUND Medium-to-high 3 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST-
SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
Market Risk Management
Market Risk Management Hamish Treleaven, Executive General Manager, Market Risk Management 17 November 2010 The quantum of Market Risk at CBA Current Economic Capital attribution Current Market Risk Economic
Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)
NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics
Are you protected against market risk?
Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the
Guggenheim Investments. European High-Yield and Bank Loan Market Overview
Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August
The end of too much : A new deal for Alternative Investments?
The end of too much : A new deal for Alternative Investments? 2013 Alternative Investment Roadshow Fabrice CUCHET Member of the Executive Committee CIO, Alternative Investments Agenda 2 Regulation: a pause
Clearstream Snapshot
Clearstream Snapshot Clearstream a trusted global name Clearstream is a global leader in post-trade securities services with more than EUR 13 trillion in assets under custody, making us one of the world
Société Générale The Premium Review Conference. 02 December 2009
Société Générale The Premium Review Conference 02 December 2009 Chris Lucas Group Finance Director Group performance Nine months ended September 2009 m 2008 m % change Income 23,786 18,830 26 Operating
March 2015 Debt Investor Update
March 2015 Debt Investor Update E u r o p e s O n l y U l t r a L o w C o s t C a r r i e r Proven, resilient business model Europe s lowest fares/lowest unit costs Europe s No 1, Traffic Europe s No 1,
TABELLA DELLE VARIAZIONI DI PORTAFOGLIO I 20 MAGGIORI ACQUISTI E VENDITE PER COMPARTO (NON SOTTOPOSTI A REVISIONE CONTABILE) (valori espressi in EUR)
ACTIVE 100 FUND 24-feb-14 CHALLENGE Emerging Market Equity Fund - Classe Mediolanum L* 433.511 08-dic-14 Mediolanum Specialities SICAV - SIF Equity Income Fund* 195.839 11-nov-14 CHALLENGE North American
European Equities Drive Surging Regional ETP Flows Data in this report is as of 27th February 2015
Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 11 March 2015 European Equities Drive Surging Regional ETP Flows Data in this report is as
Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017
From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days
The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:
Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
9.6bn into European domiciled ETPs Despite Market Volatility Data in this report is as of 31st August 2015
Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 10 September 2015 9.6bn into European domiciled ETPs Despite Market Volatility Data in this
A Heavenly Match - The Danish mortgage model in an international perspective. Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014
A Heavenly Match - The Danish mortgage model in an international perspective Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014 Game Plan The Danish Mortgage model 1...makes sense in a
ITALIAN INSURANCE IN FIGURES. Year 2015
ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from
Main Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics
Main Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the
Global Banking Glut and Loan Risk Premium
Global Banking Glut and Loan Risk Premium Hyun Song Shin April 2012 Shin: Global Banking Glut and Loan Risk Premium 1 Gross Capital Flows Capital flows driven by real (saving & investment) decisions? Gross
Evaluating the Australian Outlook through a Global Lens
Evaluating the Australian Outlook through a Global Lens Chris Siniakov Managing Director, Fixed Income International Bond Yields 4.00% 2-Year Government Yields as at 15 January 2015 3.00% 2.00% 1.00% 0.00%
Second Quarter 2015 Trading Update. 28 September 2015
Second Quarter 2015 Trading Update 28 September 2015 Disclaimer This communication and the information contained herein has been approved by the Board of Directors of Eurobank Ergasias S.A. ( Eurobank
Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research
Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research What is your portfolio allocation? Do you have enough defensive assets? Key considerations Income, given
Media and Financial Analysts Meeting 2016 Carlo Gavazzi Holding AG
Media and Financial Analysts Meeting 2016 Carlo Gavazzi Holding AG Media and Financial Analysts Meeting 2016 June 23, 2016 Media and Financial Analysts Meeting 2016 AGENDA FOR TODAY WELCOME & OVERVIEW
Recent trends in the Investment Fund s Industry
Recent trends in the Investment Fund s Industry A. European Investment Funds Market November 2014 The combined assets of the Investment Fund market in Europe, i.e. the market for UCITS and non-ucits, increased
Main Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics
Insurance corporations and pension funds in OECD countries
Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance
IntercontinentalExchange. Credit Suisse Financial Services Forum February 7, 2008
IntercontinentalExchange Credit Suisse Financial Services Forum February 7, 2008 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements made pursuant
TABELLA DELLE VARIAZIONI DI PORTAFOGLIO I 20 MAGGIORI ACQUISTI E VENDITE PER COMPARTO (valori espressi in EUR)
US COLLECTION 15-giu-15 Vulcan Value Equity Fund 19.852.107 16-giu-15 Conventum - Lyrical Fund 19.400.664 15-mag-15 Davis Funds SICAV - Davis Value Fund 13.292.807 18-mag-15 Davis Funds SICAV - Davis Value
45 th IAFEI World Congress
45 th IAFEI World Congress Raffaele Jerusalmi CEO Borsa Italiana Director Capital Markets LSEG Milan, 15 October 2015 # of Companies* By # of Companies LONDON STOCK EXCHANGE HUB OF INTERNATIONAL BUSINESSES
The attractions of Spain as an insurance market
The attractions of Spain as an insurance market Domingo Sugranyes, Executive Vice Chairman and CEO Goldman Sachs European Financials Conference Navigating the Sea of Change Puerto Banus, Spain, 8 June
Round Table 16:00 18:00 Share Innovative Solutions To Face Global Concerns
Round Table 16:00 18:00 Share Innovative Solutions To Face Global Concerns Paris Europlace Forum, Paris, July 11, 2013 Pierre Bollon, Director General, AFG 1 Presentation of Paris Fund Industry A collective
Powering Investment Success
Powering Investment Success November 14, 2011 2011 Investor Day Cautionary Statement A number of statements in our presentations, the accompanying slides and the responses to your questions are forward-looking
Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte
Preparing for Solvency II Time for asset managers and asset servicers to act Thierry Flamand Partner Advisory & Consulting Deloitte Michael Cravatte Director Advisory & Consulting Deloitte The insurance
Asset Management in the UK 2014-2015
ASSET MANAGEMENT SURVEY 214-15 INDUSTRY OVERVIEW Asset Management in the UK 214-215 The Investment Association Annual Survey SUMMARY September 215 i THE INVESTMENT ASSOCIATION CONTENT ENQUIRIES Ruth Meade,
Trends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015
Quarterly Statistical Release February 2016, N 64 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Fourth
List of Funds not for Subscription via Hang Seng e-banking (as of 23 Dec 2015)
IMPORTANT RISK WARNINGS / NOTES Investors should note that investment involves risks (including the possibility of loss of the capital invested), prices of fund units may go up as well as down and past
Assessing Sources of Funding for Insurance Risk Based Capital
Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types
OpenWorld Dynamic Assets Fund
FUND BROCHURE OpenWorld Dynamic Assets Fund Protecting and generating wealth For Professional Investors only Russell s OpenWorld fund range offers investors access to some of Russell s highest conviction
Presentation of consolidated results as at 31 March 2014. Carlo Cimbri CEO Bologna, 15 May 2014
Presentation of consolidated results as at 31 March 2014 Carlo Cimbri CEO Bologna, 15 May 2014 Consolidated results Insurance business Non-Life insurance business Life insurance business Agenda Banking
Understanding ETF Liquidity and Trading
Understanding ETF Liquidity and Trading Paul Amery, Moderator Editor www.indexuniverse.eu Lisa Dallmer, Panelist Executive Vice President Global Index and ETPs, NYSE Euronext Keshava Shastry, Panelist
Conference call with Filippo Taddei Economy Spokesman of the Democratic Party
Conference call with Filippo Taddei Economy Spokesman of the Democratic Party Italy Renzinomics Thursday 17 April 2014 17 April 2014 Renzinomics a la carte : From 2014 realistic target to 2015 optimal
Registered country information Vanguard Investment Series plc and Vanguard Funds plc
Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Credit Suisse Leverage Finance Conference. Barcelona, October 1, 2015 1
Credit Suisse Leverage Finance Conference Barcelona, October, 205 OVERVIEW OF ALTICE GROUP DEBT Ø Silo debt structure; Separate balance sheets in Europe and US Altice Europe (Consolidated) Altice US Net