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Discretionary Asset Management: HNW Demand and Drivers

Discretionary Asset Management: HNW Demand and Drivers

  • November 2016
  • 40 pages
  • ID: 4407877
  • Format: PDF
  • GlobalData
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Table of Contents

Discretionary Asset Management: HNW Demand and Drivers

Although discretionary asset management can be considered the most traditional form of wealth management, the uptake of such services varies across different markets. HNW investors in developed countries have longstanding relationships with their private bankers, and trust their ability to successfully manage investments.

As with much of the terminology in wealth management, "discretionary" asset management, portfolio management, and mandates can cover a wide range of services and investments depending on the country. According to GlobalData discretionary asset management covers any investment portfolio or portion thereof whereby the investment manager has control over buy-and-sell decisions on securities and other investment products in the portfolio, after evaluating the client’s investment preferences, risk tolerance, and goals.

Discretionary mandates are just one of the options of investment management services that HNW investors can choose from. While a share of millionaires’ assets remains outside any wealth managers’ platforms, on average it is no more than a tenth of the total portfolio.

Globally, 51.9% of HNW wealth is placed in discretionary mandates. Generally discretionary mandates appear to be more accessible to clients than advisory services, as many competitors (including UBS Wealth Management and JP Morgan Private Bank and their UK propositions) have set higher minimum investment thresholds for advised portfolios.

Only a third of HNW investors’ portfolios in Asia Pacific are managed under discretionary mandates.
The wealthiest individuals in the region tend to place much importance on diversification when it comes to using different products and services for their investments. The opposite situation can be observed in North America. Here millionaires have long-established relationships with their financial advisors, which transfers to higher trust and concentration of wealth with their main wealth managers.

GlobalData’s report "Discretionary Asset Management: HNW Demand and Drivers" report draws on 2016 Global Wealth Managers Survey to analyze HNW investors’ preferences and attitudes towards discretionary asset management services across the globe. It sizes the market for discretionary mandates and examines key drivers behind wealthy individuals choosing such services. The competitive landscape is also analyzed.

Specifically, the report:
- Estimates the value of HNW assets invested via discretionary mandates
- Compares HNW individuals’ willingness to use discretionary services in different countries
- Identifies target client groups for discretionary asset managers
- Compares drivers for discretionary mandates between countries and regions
- Examines the client targeting strategies of discretionary portfolio managers
- Explores robo-advisors’ potential to disrupt traditional discretionary asset management business

Key Findings
- With 81.5% of HNW portfolios placed in discretionary services, Singapore has the highest penetration of discretionary mandates. The UK and the US follow.
- In absolute terms, China follows the US as the world’s second largest market for discretionary asset management. With increasing demand for these services from HNW investors, many players are likely to look for options to enter the market.
- Lack of time and expertise are two major factors encouraging HNW clients to use the services offered by discretionary portfolio managers.
- The relatively high cost of discretionary services can deter investors and make them more willing to opt for advisory mandates.
- Although dubbed “robo-advisors,” a number of digital players in Europe in fact offer discretionary investment management at competitive prices.
- A number of industry leaders, including UBS and Citi Private Bank, place higher mandate penetration at the center of their business strategies.

Reasons To Buy
- Discover how much HNW wealth is invested via discretionary mandates.
- Identify markets offering the greatest growth potential for discretionary asset management.
- Learn why HNW investors choose to opt for discretionary services, and how these motivations differ between countries, particularly in emerging and developed markets.
- Gain an insight into best-practice examples from competitors operating within the discretionary mandates landscape.

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