Singapore Fund Management Survey 2014 Highlights and Projections Confidential. Not for re-distribution.
Singapore Fund Management Survey 2014 Highlights and Projections Confidential. Not for re-distribution. Respondent Profile 21 firms participated in the survey Number of Participants More than S$20 bn, 10% S$10-20 bn, 24% S$5-10 bn, 14% S$1-5 bn, 38% Asset split More than S$20 bn, 34% S$1-5 bn, 16% S$5-10 bn, 11% S$10-20 bn, 38% Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 Analyst note: Five firms do not have intermediary sales. 2 Assets split Assets booked in Singapore (S$ billion) $200 S$ 169.3 bn S$ 159.2 bn $150 $100 106.5 $50 15.2 109.4 16.7 37.5 43.2 Dec-12 Dec-13 $0 Intermediaries (excl. PB) Private Bank Institutional Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 Analyst note: Five firms do not have intermediary sales. 3 Key findings • Institutional business – cannot be ignored • Diverse distribution strategies – one size doesn’t fit all • Assets managed outside of Singapore • Assets sourced from Singapore • Mixed asset and others fund assets 4 Importance of Institutional Business % Contribution to Total AUM - Institutional Change from 2012 100% 80% Decrease , 14% 50% 60% 10% 40% Stay constant, 48% 15% 5% 20% Increase, 38% 20% 0% Institutional <10% 10-25% 25-50% 50-75% >75% Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 5 Key findings • Institutional business – cannot be ignored • Diverse distribution strategies – one size doesn’t fit all • Assets managed outside of Singapore • Assets sourced from Singapore • Mixed asset and others fund assets 6 Distribution Channels Singapore Mutual Fund AUM by Distribution Channel, 2012–2013 100% 80% 60% 40% 20% 0% Local banks Private banks IFA / platforms 15% 8% 16% 14% 6% 17% 27% 26% 23% 23% 12% 13% 2012 2013 Foreign banks Insurance companies Others (e.g. direct or securities firms) Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 7 Deeper dive into the distribution split Increase Foreign banks Stay constant 7 Insurance companies 7 Private banks 5 IFA/platforms 5 Others (e.g. direct or securities firms) 5 2 4 3 6 3 7 2 8 6 0% 5 1 8 Local banks Decrease 20% 40% 60% 80% 100% Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 8 Key findings • Institutional business – cannot be ignored • Diverse distribution strategies – one size doesn’t fit all • Assets managed outside of Singapore • Assets sourced from Singapore • Mixed asset and others fund assets 9 Increase in recognised funds Singapore Mutual Fund AUM by Fund Schemes, 2012–2013 100% 80% 8% 8% 38% 42% 54% 50% 2012 2013 60% 40% 20% 0% Authorised funds Recognised funds Restricted funds Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 10 Increase in assets managed outside of Singapore Increase in assets sourced from Singapore Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 11 Mixed asset and others saw increase Singapore Mutual Fund AUM by Asset Class, 2012–2013 2013 47% 2012 36% 49% 0% 20% 12% 36% 40% Equity Mixed assets/balanced Others (e.g. alternatives, commodities, etc.) 60% 11% 80% 2% 2% 3% 1% 100% Fixed income Money market Source: IMAS-Cerulli Associates' Survey Findings of Singapore Fund Management Companies 2014 12 Asian Fund Flows by Sector Top five best selling fund sectors, YTD September 2014 China Taiwan South Korea Singapore Hong Kong Money Market CNY Bonds Global High Yield Money Market KRW Mixed Assets Conservative Equities Europe Regional Equities Healthcare Bonds CNY Speciality Bonds CNY Balanced Mixed Assets Conservative Mixed Assets Balanced Bonds KRW Bonds Global Currencies Bonds High Yield Asset Allocation Equities Japan Mid/Small Caps Equities International Equities Europe Equities Europe Bonds Europe Equities Information Money Market CNY Technology Bonds Emerging Markets Equities Greater China Source: Cerulli Associates 13 Opportunities for Singapore fund managers Estimated addressable assets: S$220 billion Sovereign Wealth Funds: Temasek, GIC Central Bank: MAS Insurance Assets: GA, ILP Pension Funds: CPF, SRS Mutual Funds Others: Endowments, Town Councils, Stat Boards Analyst note: Does not include assets sourced from outside of Singapore, e.g. SEA 14 Contact Us Yoon Ng Asia Research Director [email protected] Shu Mei Chua Senior Analyst [email protected] Cheryl Yeo Analyst [email protected] www.cerulli.com 15
© Copyright 2024