Global Mutual Funds Industry

  • January 2012
  • -
  • Global Industry Analysts

The global outlook series on Mutual Funds provides statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the global mutual funds industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with a number of fact-rich market data tables. Regional markets elaborated upon include United States, Canada, Japan, Finland, France, Italy, Luxembourg, Norway, China, Hong Kong, India, South Korea, Philippines, Columbia, Mexico and UAE among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 574 companies worldwide.

Table Of Contents




1. INDUSTRY OVERVIEW 1
A Synopsis 1
Table 1: World Mutual Fund Market (2011 QI): Percentage
Breakdown of Assets by Fund Class- Equity Funds, Bond Funds
Money Market Funds, Mixed/Balanced Funds and Others 2

Table 2: Global Mutual Fund Industry (2010): AUM as a
Percentage Share of GDP- Breakdown by Country- US, France,
Brazil and India 2
Global Recession Wipes Substantial Wealth off Mutual Funds 2
Table 3: Global Mutual Funds Market (2007 and 2008): Breakdown
of Assets Under Management in US$ Billion by Fund Class -
Equity Funds, Money Market Funds, Bond Funds, Mixed/Balanced
Funds, and Others 3
Money Market Mutual Funds Witness Growth During Downturn 3
Table 4: Global Mutual Fund Market (2009Q4, 2010Q4 and 2011Q1):
Inflows/Outflows by Asset Class in US$ Billion 4
Market Outlook 4
Table 5: World Recent Past, Current and Future Analysis for
Mutual Funds by Geographic Region - US, Canada, Europe,
Asia-Pacific, Latin America and Rest of World Markets
Independently Analyzed with Assets Under Management (AUM) in
US$ Billion for Years 2010 through 2015 5

Table 6: World 5-Year Perspective for Mutual Funds by
Geographic Region - Percentage Breakdown of Assets Under
Management (AUM) Value for US, Canada, Europe, Asia-Pacific,
Latin America and Rest of World Markets for Years 2011 and
2015 6

2. MARKET TRENDS 7
Distribution Channel - An Indicator of Market State 7
Poor Gains Despite Robust Economic Performance 7
Open-Architecture System Becoming a Norm in the Industry 7
Focus Shifting to Retail Investors 7
Packaged Solutions Gaining Prominence 8
Increase in Risk Appetite Surges Demand for Non-Traditional
Products 8
Focusing on Long-Term Growth Strategy 8
Emerging Market Funds On a Growth Trajectory 9
Table 7: US Investment in Foreign Mutual Funds (2009 and 2010):
Percentage Breakdown by Net Worth of Investors- Category 1
($5 million to $25 million), Category 2 ($1 million to $5
million) and Category 3 ($100,000 to $1 million) 9

3. PRODUCT OVERVIEW 10
Mutual Funds 10
Types of Mutual Funds 10
Equity Funds 10
Bond Funds 10
Hybrid or Balanced Funds 10
Money Market Funds 11
Fund of Funds 11

4. PRODUCT/SERVICE LAUNCHES 12

5. MERGERS AND ACQUISITIONS 39

6. STRATEGIC CORPORATE DEVELOPMENTS 58


A REGIONAL PERSPECTIVE 68

1. THE UNITED STATES 68
Downturn Plummets Mutual Fund Assets 68
Table 8: Mutual Funds Market in the US (2010): Percentage
Share of Assets Under Management by Fund Class - Equity
Funds, Money Market Funds, Bond Funds and Hybrid Funds 68
Money Market Funds - The Savior During Crisis 68
Table 9: Portfolio of US Investment Companies (2011):
Percentage Breakdown of Investment by Funds- Bond, Stock and
Hybrid Funds, Money market Funds, Exchange-Traded Funds,
Closed-End Funds and Unit Investment Trusts 69

Table 10: US Long-Term Mutual Fund Assets (2011): Percentage
Breakdown of Investment by Funds- Domestic Equity Funds, Bond
Funds, International Equity Funds and Hybrid Funds 69
Number of Registered Investment Companies On the Rise 69
Table 11: A Recent Past Perspective of Mutual Funds Market in
the US (2004-2008): Number of Registered Investment Companies
by Year 70
Individual Accounts Lead the Fray 70
Table 12: Mutual Funds Market in the US (2010): Percentage
Breakdown of Net Mutual Fund Assets by Account Type -
Individual and Institutional 70
Institutional Investors Increasingly Relying on Mutual Funds 70
Large AMCs to Continue Dominance in the Market 71
Table 13: Mutual Funds Market in the US (2011): Percentage
Breakdown of Households That Own Mutual Fund Ranked by Source 71

Table 14: Mutual Funds Market in the US (2011): Percentage
Breakdown by Purchase Channel - Inside Employer-Sponsored
Retirement Plans; and Outside Employer-Sponsored Retirement
Plans [Sales Force (Full-Service Broker, Independent
Financial Planner, Bank or Savings Institution
Representative, Insurance Agent, and Accountant); and Direct
Market (Mutual Fund Company Directly, and Discount Broker) 72

Table 15: An Insight into Select Financial Objective for
Investing in Mutual Funds (2011) 72
Tracking the Demographic Pattern 72
Table 16: Mutual Funds Market in the US (2011): Percentage
Breakdown of Mutual Funds by Type - Households and Individual
Investors 73

Table 17: Mutual Funds Market in the US (2011): Percentage
Breakdown of Mutual Fund Ownership Based on Household Income -
Less than US$25,000; US$25,000 to US$49, 999; US$50,000 to
US$99,999; US$100, 000 to US$199,999; and US$200, 000 or more 73

Table 18: Mutual Funds Market in the US (2011): Percentage
Breakdown of Households that Own Mutual Funds by Age Group -
65 Years +, 55-64 Years, 54-45 Years, 44-35 Years, and Below
35 years 73

Table 19: Mutual Funds Market in the US (2011): Percentage
Breakdown of Households that Own Mutual Funds by Generation -
Baby Boom, Gen-Xers and Yers, and Silent and GI 74

Table 20: Mutual Funds Market in the US (2011): Percentage
Breakdown of Households Mutual Fund Assets by Generation -
Baby Boom Generation, Silent and GI Generation and Gen Xers and
Yers 74
A Historical Perspective 74

2. CANADA 76
Market Overview 76
Table 21: Leading Mutual Fund Managers in Canada (2011):
Percentage Breakdown of Assets Under Management for RBC Asset
Management and Phillips Hager and North, IGM Financial, TD
Asset Management, CIBC Asset Management, Fidelity Investments
Canada ULC, BMO Financial Group, Invesco Trimark, AGF Funds,
Franklin Templeton, Dynamic Funds, and Others 77
Market Shows Signs of Recovery 77
Table 22: Mutual Funds Market in Canada (2011): Breakdown of
Assets Under Management (in US$ Billion) by Month 78
A Review of the Recent Past 78
Historical Perspective 78

3. JAPAN 80
A Peek into the Past 80
Table 23: Mutual Funds Market in Japan (2002 and 2007):
Percentage Breakdown of Assets Under Management by Fund Class-
Stock Funds, Bond Funds, and Money Market Funds 80

Table 24: Mutual Funds Market in Japan (2010): Percentage
Breakdown of Assets Under Management by Type of Parent
Company - Securities Firms, Banks, Foreign Firms, Insurance
Firms, and Independent Firms 81

4. EUROPE 82
Industry Overview 82
Table 25: European Recent Past, Current and Future Analysis for
Mutual Funds by Geographic Region - France, Germany, Italy,
UK, Spain, Ireland, Luxembourg and Rest of Europe
Independently Analyzed with Assets Under Management (AUM) in
US$ Billion for Years 2010 through 2015 83

Table 26: European 5-Year Perspective for Mutual Funds by
Geographic Region - Percentage Breakdown of Assets Under
Management (AUM) Value for France, Germany, Italy, UK, Spain,
Ireland, Luxembourg and Rest of Europe for Years 2011 and
2015 84
Key Statistics 85
Table 27: European Long-Term Mutual Fund AUM (2011):
Percentage Breakdown by Asset Class- Equities, Bonds,
Balanced Funds and Others 85

Table 28: The UK Mutual Funds Market ((1H-2011): Breakdown of
Sales of Funds Under Management- Fund of Funds, Tracker
Funds, Ethical Funds and All Funds in £ Billion 85
Leading European Mutual Fund Managers (2011*): Ranked by AUM 85

4a. FINLAND 86
Recent Past Market Scenario 86
Table 29: Leading Fund Management Companies in Finland
(2011): Percentage Breakdown of Net Asset Value of Managed
Mutual Fund for Nordea Investment Fund Company Finland
Ltd.,OP Fund Management Company Ltd., Sampo Fund Management
Ltd., SEB Gyllenberg Fund Management Company Ltd., Evli Fund
Management Company Ltd., Aktia Fund Management Company Ltd.,
Handelsbanken Mutual Fund Company Ltd., Tapiola Asset
Management Ltd., FIM Asset Management Ltd., Alfred Berg Funds
Ltd., and Others 86

4b. FRANCE 87
Recent Past Scenario 87
Regulatory Reforms 87
Structure of Mutual Funds Market 87

4c. ITALY 89
Market Overview 89
Recent Past Statistics 89
Competitive Scenario 89
Table 30: Leading Mutual Funds Groups in Italy (2008):
Percentage Breakdown of Assets Under Management for Intesa
Sanpaolo, Pioneer Investment, Arca, UBI Banca, Cridit
Agricole, and Others 89

Table 31: Leading Mutual Fund Groups in Italy (2008):
Percentage Breakdown of Number of Registered Mutual Funds
for Intesa Sanpaolo, Cridit Agricole, Pioneer Investment,
BNP Paribas, Gruppo Banca Popolare, Mediolanum, UBI Banca,
Assicurazioni Generali, Monte Paschi di Siena, Arca, and
Others 90

Table 32: Mutual Funds Market in Italy (2008): Percentage
Breakdown of Number of Registered Mutual Funds by Fund Class-
Equity Funds, Bond Funds, Money Market Funds, Hedge Funds,
Balanced Funds, and Flexible Funds 90

4d. LUXEMBOURG 91
Recent Past Market Scenario 91
Fund Managers Face Significant Challenges 91

4e. NORWAY 92
A Recent Past Perspective 92
Table 33: Mutual Funds Market in Norway (2007 and 2008):
Percentage Breakdown of Mutual Fund Shares Capital by Fund
Class - Equity Funds, Hybrid Funds, Bond Funds, and Money
Market Funds 92

Table 34: Mutual Funds Market in Norway (2010): Percentage
Breakdown of Mutual Fund Capital by Sector- Government,
Financial Corporations, Non-Financial Corporations,
Households and Others 92

4f. RUSSIA 93
Market Overview 93

5. ASIA-PACIFIC 93
Industry Overview 93

5a. CHINA 94
Market Overview 94
Regulatory Amendments - A Step Towards Liberalizing Norms 94
Recent Past Scenario 95
Table 35: Leading Fund Managers in China (2008): Percentage
Breakdown of Net Assets Under Management for China Asset
Management, Boshi Fund Management, Harvest Fund Management,
China Southern Fund Management, E Fund Management, Da Cheng
Fund Management, GF Fund Management, Huaan Fund Management,
China International Fund Management, Invesco Great Wall Fund
Management, and Others 95

Table 36: Leading Fund Managers in China (2008): Percentage
Breakdown of Number of Funds for China Asset Management,
Boshi Fund Management, China Southern Fund Management, Da
Cheng Fund Management, E Fund Management, Harvest Fund
Management, GF Fund Management, Huaan Fund Management, China
International Fund Management, Invesco Great Wall Fund
Management, and Others 95

5b. HONG KONG 96
Market Overview 96
Table 37: Mutual Funds Market in Hong Kong (2008): Percentage
Breakdown of Number of Authorized Mutual Funds by Fund Class-
Equity Funds, Bond Funds, Guaranteed Funds, Diversified
Funds, Fund of Funds, Index Funds, Money Market Funds, Hedge
Funds, and Others 96

5c. INDIA 97
Market Overview 97
Table 38: Indian Mutual Funds Industry - Per Capita Assets
Under Management (in US$) for Singapore, Brazil, UK and India 97
Factors Driving Growth of Mutual Funds Industry 98
Investor Profile 98
Distribution Channels Vary for Domestic and Foreign Players 99
Recession Slays Investor Confidence 99
Recent Slump Presses Need for Further Improvement in Industry
Functioning 99
Regulatory Regime 99
SEBI Abolishes Entry Load 101
QFIs Gain Permit to Invest in Mutual Funds 101
SEBI Relaxes Mutual Fund Merger Norms 101
A Peek into Select Regulatory Amendments 101
Market Trends 102
Mutual Funds Emerge as Preferred Investment Alternative for
Investors 102
Gilt Funds and ETFs Gain Popularity 102
Large-Cap Equity Funds Exhibit Poor Performance 103
Global Financial Powerhouses Vying for a Share 103
Outsourcing Gaining Prominence 103
Technological Advancements Drive Market Growth 103
New Product Introductions to Gain Momentum 104
Competitive Scenario 104
Key Statistics 105
Table 39: Asset Management Market in India (2008):
Percentage Breakdown of Household Savings by Category - Bank
Deposits, Government Instruments, Insurance Funds, Provident
and Pension Funds, Currency, and Mutual Funds 105

Table 40: Indian Mutual Funds Market (as on March 2010 and as
on March 2011): Percentage Breakdown of Assets Under
Management by Schemes - Income, Equity, Liquid. ELSS,
Balanced and Others 105

Table 41: Mutual Funds Market in India (2011): Percentage
Breakdown of Average Assets Under Management by Asset
Management Company - Reliance Mutual Fund, HDFC Mutual Fund,
UTI Mutual Fund, ICICI Prudential Mutual Fund, Birla Mutual
Fund, SBI Mutual Fund, Franklin Templeton Investments, Tata
Mutual Fund, Kotak Mahindra Mutual Fund, DSP BlackRock
Mutual Fund, and Others 106

Table 42: Indian Mutual Funds Market (2011): Breakdown of
Leading Balanced Funds (in Rs Crore) by Scheme Name - HDFC
Prudence Fund-Growth, DSP BlackRock Balanced Fund-Growth,
SBI Magnum Balanced Fund-Growth, FT India Balanced
Fund-Growth, ING Balanced Fund-Growth, Escorts Opportunities
Fund-Growth, HDFC Balanced Fund-Growth, Kotak Balance,
PRINCIPAL Balanced Fund-Growth and Sundaram Balanced
Fund-Growth 106

Table 43: Mutual Fund Industry in India (2011): Sale and
Redemptions of Open-End, Close-End and Interval Funds in Rs
Crore 107

Table 44: Liquid/Money Mutual Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - Corporates, Financial
Institutions/Banks, High Networth Individuals, FIIs, and
Retail 107

Table 45: Gilt Mutual Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - Corporates, High Networth
Individuals, Retail, and Financial Institutions/Banks 108

Table 46: Debt Class Mutual Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - Corporates, High Networth
Individuals, Retail, Financial Institutions/Banks, and FIIs 108

Table 47: Equity Class Mutual Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - Retail, High Networth
Individuals, Corporates, Financial Institutions/Banks, and
FIIs 109

Table 48: Balanced Mutual Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - Retail, High Networth
Individuals, Corporates, Financial Institutions/Banks, and
FIIs 109

Table 49: Gold Exchange Traded Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - Corporates, Financial
Institutions/Banks, FIIs, High Networth Individuals, and
Retail 110

Table 50: Exchange Traded Funds Market in India (2011):
Percentage Breakdown of Assets Under Management and Number
of Folios by Investor Type - High Networth Individuals,
Corporates, FIIs, Retail, and Financial Institutions/Banks 111

Table 51: Fund of Funds Market in India (2011): Percentage
Breakdown of Assets Under Management and Number of Folios by
Investor Type - High Networth Individuals, Retail,
Corporates, Financial Institutions/ Banks, and FIIs 112

5d. INDONESIA 113
Regulatory Restrictions Gnawing Growth Prospects 113

5e. SOUTH KOREA 115
Market Overview 115
Regulatory Changes in the Past 115

5f. THE PHILIPPINES 116
Market Overview 116
Restraining Forces Check Market Growth 116

6. LATIN AMERICA 117
Industry Overview 117

6a. COLOMBIA 117
Market Overview 117

6b. MEXICO 118
Recent Past Scenario 118
Market Trips Amid Global Financial Meltdown 118
Table 52: Mutual Funds Market in Mexico (2010): Percentage
Breakdown of Assets Under Management by Fund Class -
Government Bonds, Bank Debts, Equities, and Others 119

Table 53: Mutual Funds Market in Mexico (2010): Percentage
Breakdown of Assets Under Management by Category - Financial
Sector, Firms Linked with Stockbrokerages, Independent Mutual
Fund Investors, and Firms Linked with Credit Organizations 119
Regulatory Supervision 119

7. THE MIDDLE EAST 120

7a. ISRAEL 120
A Peek into the Past 120
Table 54: Number of Active Mutual Funds in Israel (2006-2011) 121

7b. UNITED ARAB EMIRATES 121
Lacks Favorable Regulatory Environment 121


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