• English
  • Korean
  • Chinese
市場調査レポート - 238255

台湾の財産管理業

Wealth Management in Taiwan

発行 Datamonitor
出版日 ページ情報 英文 104 Pages
価格
台湾の財産管理業 Wealth Management in Taiwan
出版日: 2012年04月02日 ページ情報: 英文 104 Pages
担当者のコメント
このシリーズは、他にも調査対象国がございます。詳細はお問合せください。
概要

台湾の財産管理業は外国銀行が主流。市場が開発の余地を残すなか、地元事業者は未だ経験および知識不足。これに対して、外国勢は商品レンジも広く、より広範な顧客ベースを築いています。

当レポートでは、Datamonitor's 2011 Global Wealth Managers Surveyから、台湾富裕層(HNW)の特質、ニーズ、意思決定要因についての詳細なデータを引き出すとともに、この市場の概要および競合環境の徹底分析を、概略以下の構成でお届けします。

概要

  • 進展要因
  • サマリー
  • 調査方法

エグゼクティブサマリー

  • 台湾の富裕人口を推定および予測する
    • 世界金融危機の後、見事に回復した台湾経済
  • 台湾における海外投資信託の規模を推定する
  • 典型的な台湾の富裕投資家は、男性、51-65歳、起業または稼いだ収入から富を蓄積している
    • 富裕層の大半は、51-65歳の年齢で、退職後の人生設計および相続プランが何よりの関心事
    • 個人富裕層の大多数は、起業から財を成している
    • 2年足らずの内に、固定収入商品が台湾富裕層ポートフォリオ中で構成比を増し、現金は減少する
  • 台湾財産管理分野における参入企業の発展
    • 台湾には37の地元銀行が存在し、外国銀行の支店数は28店であるにもかかわらず、個人財産管理サービス市場では、外国銀行が優勢。
    • M&A、有機成長、企業提携とも、近年は中国での機会重視に
    • Taiwan Cooperative Bankは、全支店に財産管理チームを設置する構え

台湾富裕市場の規模を推定および予測する

  • イントロダクション
  • マクロ経済視点での概要
  • 世界金融危機の後、見事に回復した台湾経済
  • 地元富裕人口を推定、予測する
  • 台湾における海外投資信託の規模を推定する
  • 規制および財務環境
  • 最近見られた法務、財務、規制上の進展

台湾における富裕層対応

  • イントロダクション
  • 典型的な台湾の富裕投資家は、男性、51-65歳、起業または稼いだ収入から富を蓄積している
  • 台湾の個人富裕層が持つポートフォリオは、主に不動産投資と現金または現金に近い商品で構成されるが、このうち現金の部分は、今後2年足らずの内に固定収入への移行する見込み
  • 一任管理、モーゲージ、個人ローンに対して大きな需要が存在する一方、税務のプラン作成や助言がますます重要化する方向にある。
  • 台湾の個人富裕層は、新たな投資に開放的である反面、リスクとリターンへの理解度が低い
  • 台湾の個人富裕層は、多数のウェルスマネージャーと協働する傾向がある
  • 競合企業動向
  • 競合企業プロフィール

付録

  • 用語定義
  • 調査方法
  • 参考文献
  • 文献目録
  • アナリストに聞く
  • 免責条項
目次

Synopsis

Detailed country report covering wealth management in Taiwan. Draws on Datamonitor's 2011 Global Wealth Managers Survey to profile local HNW traits, needs and decision triggers. Market overview and in-depth competitive landscape are also provided.

Description

INTRODUCTION

The Taiwanese wealth management industry is dominated by foreign banks. As the market is still not fully developed, local players have had less time to build up experience and knowledge than their foreign counterparts. Foreign banks also offer wider product portfolios and hence are able to attract a broader customer base.

FEATURES AND BENEFITS

  • Build your customer targeting strategy using in-depth HNW demographics and needs analysis based on Datamonitor's annual Global Wealth Managers Survey.
  • Assess your competition through detailed profiles of notable players, including the customer targeting, marketing and product strategies they employ.
  • Size your potential client base using Datamonitor's proprietary data, presenting the number of affluent individuals by liquid asset band to 2015.

HIGHLIGHTS

  • Almost more than any other factor, Taiwan's increasing integration with China and the rest of Asia Pacific will drive growth in its wealth market forward over the next five years. Between 2011 and 2015 liquid assets held by the affluent population are forecast to record a CAGR of 6.3%, reaching $1,095bn in 2015.
  • Faced with rapidly increasing property prices over the last few years, Taiwanese high net worth individuals allocate the largest proportion of their portfolios to real estate investment. However, as a result of regulatory changes there will also be an increased interest in fixed income products over the next two years.
  • There are crucial gaps in the service offerings of Taiwanese wealth managers when compared to the overall Asia Pacific region. This represents an opportunity for new entrants to the market, as onshore clients in Taiwan appear not to be properly accommodated by existing players.

YOUR KEY QUESTIONS ANSWERED

  • What strategies are my competitors employing to win and keep affluent clients?
  • Which products and services will affluent clients in Taiwan want in the next two years?
  • How is the Taiwanese wealth management industry structured? What role do banks and asset managers play?
  • How many potential clients in Taiwan have onshore liquid assets that would allow me to run a very profitable business?

TOC

OVERVIEW

  • Catalyst
  • Summary
  • Methodology

EXECUTIVE SUMMARY

  • Sizing and forecasting the affluent population in Taiwan
  • The Taiwanese economy has recovered well following the global financial crisis
  • Sizing the offshore fund market in Taiwan
  • The typical Taiwanese HNW investor is male, between 51 and 65 years old, and accumulated his wealth through entrepreneurship or earned income
  • Most HNW individuals are between 51 and 65 years old, making retirement, succession, and inheritance planning more of a preoccupation
  • The majority of HNW individuals have amassed their fortunes through entrepreneurship
  • Within two years, fixed income products will increase as a proportion of Taiwanese HNW portfolios, while cash will decrease
  • Competitor developments in wealth management in Taiwan
  • Despite there being 37 domestic banks and 28 local branches of foreign banks in Taiwan, the private wealth management market is dominated by foreign players
  • Mergers and acquisitions, organic growth, and partnerships have focused on the China opportunity of late
  • Taiwan Cooperative Bank intends to set up wealth management teams in all branches

SIZING AND FORECASTING THE AFFLUENT MARKET IN TAIWAN

  • Introduction
  • Macroeconomic overview
  • The Taiwanese economy has recovered well following the global financial crisis
  • GDP: exports are the primary driver of Taiwan's economic growth
  • Inflation in Taiwan has been consistently below average for the region
  • Long-term and short-term interest rates
  • Stock market capitalization: capitalization increased significantly when Taiwan opened its markets to Chinese investments
  • Increasing GDP per capita and a low Gini coefficient are leading to a growing number of affluent individuals
  • The Taiwan dollar has been gradually strengthening against both the US dollar and the euro
  • Sizing and forecasting the onshore affluent population
  • The value of onshore liquid assets held in Taiwan quickly overcame the global financial crisis and is forecast to grow steadily
  • The affluent market reached a value of $858.4bn in 2011 and is set to grow further
  • The onshore affluent population is growing strongly as a percentage of the total population
  • There were over 3.9 million mass affluent individuals in 2011 in Taiwan
  • The HNW population is expected to grow at an AAGR of 6.5% over the period 2011-15
  • Sizing the offshore fund market in Taiwan
  • Regulatory and fiscal landscape
  • Industry regulators
  • Industry associations
  • Tax regime
  • Stamp duties are varied to encourage the development of the local bond market
  • Recent legal, fiscal, and regulatory developments
  • International regulations
  • Taiwanese regulations
  • Investor immigration program

SERVING HIGH NET WORTH CUSTOMERS IN TAIWAN

  • Introduction
  • The typical Taiwanese HNW investor is male, between 51 and 65 years old, and accumulated his wealth through entrepreneurship or earned income
  • Most HNW individuals are between 51 and 65 years old, making retirement, succession, and inheritance planning more of a preoccupation
  • Men account for a significant proportion of HNW individuals in Taiwan, but HNW women represent an attractive market as it is poorly targeted
  • The majority of HNW individuals have amassed their fortunes through entrepreneurship
  • HSBC Private Banking offers tailored financial solutions to business owners, entrepreneurs, and senior executives
  • The portfolios of Taiwanese HNW individuals mainly consist of real estate investments and cash or near-cash products, but a shift from cash towards fixed income is expected within two years
  • Traditionally, the majority of HNW investors in Taiwan allocate their assets in real estate investments
  • Detailed asset class analysis shows that Taiwanese HNW individuals have mostly invested in open real estate funds and deposits savings
  • Within two years, fixed income products will increase as a proportion of Taiwanese HNW portfolios, while cash will decrease
  • Grand Cathay Securities is well positioned to benefit from the growing demand for fixed income products
  • There is a high demand for discretionary management, mortgages, and personal loans but tax planning and advice is set to become increasingly important
  • There are crucial gaps in the service offerings of Taiwanese wealth managers when compared to the Asia Pacific region
  • Looking forward two years, advisory and discretionary asset management will remain in high demand
  • Mortgages and personal loans are the preferred products among Taiwan's HNW investors but the availability of personal loans at Taiwanese wealth managers is quite low
  • Within two years demand for tax planning is set to increase, while demand for lending products and insurance is not expected to change drastically
  • Taiwanese HNW individuals are open to new investments but only have a low understanding of risk and return
  • Taiwanese HNW individuals have a low understanding of risk and return but a relatively high risk appetite, making personnel who can effectively explain complex investment processes essential
  • Taiwanese investors appreciate personal relationships in doing business, although to a lesser extent than the Asia Pacific average
  • Weekly telephone meetings between wealth managers and HNW individuals are the rule in Taiwan
  • Taiwanese HNW investors display a high degree of loyalty to their bank but not to their wealth manager, making relationship management a crucial activity
  • Taiwanese HNW individuals tend to work with numerous wealth managers
  • The majority of Taiwanese HNW individuals will hold up to a fifth of their portfolio with one wealth manager
  • Referrals or relationships with professional associations are the most effective means of customer acquisition

COMPETITOR DEVELOPMENTS IN WEALTH MANAGEMENT IN TAIWAN

  • Introduction
  • Business models of wealth managers in Taiwan
  • The Taiwanese wealth management market is served by a mixture of different financial institutions, whereas foreign banks capture a significant market share
  • Despite there being 37 domestic banks and 28 local branches of foreign banks in Taiwan, the private wealth management market is dominated by foreign players
  • Asset managers and securities firms in Taiwan
  • Financial advisors
  • Family offices
  • Competitor trends
  • Mergers and acquisitions, organic growth, and partnerships have focused on the China opportunity of late
  • Since the enactment of the Economic Co-operation Framework Agreement six Taiwanese banks have entered the Chinese market
  • There is an increased focus on segmentation by customer type
  • Taiwanese private banks are struggling to recruit skilled private bankers
  • Competitor profiles
  • Competitor profile: Bank of East Asia
  • Bank SinoPac

HSBC

  • Taiwan Cooperative Bank

APPENDIX

  • Definitions
  • High net worth (HNW)
  • Liquid assets
  • Mass affluent
  • Measures of growth
  • Onshore
  • Methodology
  • Overall methodology
  • Global Wealth Model methodology
  • Global Wealth Managers Survey 2011
  • Further reading
  • Selected bibliography
  • Ask the analyst
  • Disclaimer

TABLES

  • Table: Key Taiwanese macroeconomic data
  • Table: The value of mass affluent assets ($bn), by asset band, 2006-10
  • Table: The value of mass affluent assets ($bn), by asset band, 2011-15f
  • Table: The value of HNW assets ($bn), by asset band, 2006-10
  • Table: The value of HNW assets ($bn), by asset band, 2011-15f
  • Table: The mass affluent population in Taiwan (000s), 2006-10
  • Table: The mass affluent population in Taiwan (000s), 2011-15f
  • Table: The HNW population in Taiwan (000s), 2006-10
  • Table: The HNW population in Taiwan (000s), 2011-15f
  • Table: Tax rates in Taiwan
  • Table: Citi Private Bank offers a range of lending services
  • Table: Domestic and foreign banks in Taiwan
  • Table: Requirements to set up representative offices or bank branches in Taiwan
  • Table: Top mutual asset managers
  • Table: Financial performance - Bank of East Asia
  • Table: Financial performance - Bank SinoPac
  • Table: Financial data - HSBC Group
  • Table: Retail banking and wealth management profit after tax in 2011 ($m) - HSCB
  • Table: Financial data - Taiwan Cooperative Bank
  • Table: Business targets ($bn) - Taiwan Cooperative Bank
  • Table: Financial data by segment and total - UBS
  • Table: Total operating income by region - UBS

FIGURES

  • Figure: Almost half of the HNW population in Taiwan accumulated their wealth through entrepreneurship
  • Figure: Taiwan is the sixth largest economy in the Asia Pacific region
  • Figure: Taiwan experienced only one year of economic decline during the global economic crisis
  • Figure: Inflation in Taiwan was consistently lower than the regional average between 2007 and 2011
  • Figure: Long-term interest rates have been gradually declining
  • Figure: Short-term interest rates have been steadily increasing as the economy has recovered well from the global financial crisis
  • Figure: The Taiwan Stock Exchange has performed well compared to other Asia Pacific markets
  • Figure: Taiwan has the third lowest Gini coefficient in the Asia Pacific region
  • Figure: During the financial crisis, the Taiwan dollar weakened against both the US dollar and the euro
  • Figure: Taiwan will experience growth rates of over 5% in the value of liquid assets held by affluent individuals over the next five years
  • Figure: Liquid assets held by the affluent population in Taiwan are expected to increase at a CAGR of 6.3% between 2012 and 2015
  • Figure: The value of liquid assets held by mass affluent individuals is forecast to grow strongly
  • Figure: The value of HNW individuals' liquid assets in Taiwan is forecast to grow by 7% between 2011 and 2015
  • Figure: 28% of the population will be classed as affluent by 2015, indicating that there will be greater demand for wealth managers
  • Figure: The mass affluent population in Taiwan is forecast to increase between 2011 and 2015
  • Figure: The number of HNW individuals in Taiwan increased every year apart from 2008 during 2006-11, and is forecast to continue growing
  • Figure: Investment areas of offshore funds
  • Figure: Domestic vs offshore fund market in Taiwan
  • Figure: More than three quarters of the Taiwanese HNW population are over 51 years old
  • Figure: Men constitute the majority of HNW individuals
  • Figure: UBS tailors its wealth management services to the needs of women
  • Figure: Almost half of the HNW population in Taiwan accumulated their wealth through entrepreneurship
  • Figure: The majority of HNW investors allocate their assets in real estate investments
  • Figure: Open real estate funds and deposits savings are the preferred investments in Taiwan
  • Figure: Real estate investment remains popular in Taiwan
  • Figure: More sophisticated wealth management products and services are not widely available in Taiwan
  • Figure: Taiwanese HNW individuals have a high appetite for discretionary asset management
  • Figure: Demand for discretionary asset management services will not change within the next two years
  • Figure: Mortgages and personal loans are high in demand in Taiwan
  • Figure: Demand for tax planning and advice is set to increase within the next two years
  • Figure: Taiwanese HNW investors have a lower than average understanding of risk and return
  • Figure: Taiwanese HNW investors value personal relationships when doing business
  • Figure: Integrated Wealth Counsel answers client questions on Facebook within 72 hours
  • Figure: Taiwanese wealth managers communicate with their clients once a week over the phone
  • Figure: Taiwanese HNW individuals are not likely to leave their wealth manager for another service provider but may leave in order to manage their wealth on their own
  • Figure: More than 90% of HNW investors allocate only 11-20% of their portfolio to one wealth manager
  • Figure: Referrals from or relationships with professional associations are the most powerful means of acquiring new customers
  • Figure: Press advertising, events, and cold calling are not an effective use of time or money
  • Figure: Bank of Taiwan is the largest deposit holder in the country
  • Figure: Onshore mutual fund mix, Q4 2010
  • Figure: UBS Wealth Management Campus
  • Figure: Business structure - Bank of East Asia
  • Figure: Branch network - Bank of East Asia
  • Figure: Bank of East Asia's SupremeGold offer
  • Figure: Business structure - Bank SinoPac
  • Figure: The fee income of Bank SinoPac is substantially reliant on its wealth business
  • Figure: Banking network - Bank SinoPac
  • Figure: Business structure - HSBC Bank (Taiwan)
  • Figure: Profit before tax contribution by segment - HSBC Group
  • Figure: HSBC Private Banking network in Asia Pacific
  • Figure: Product offerings -HSBC Bank (Taiwan)
  • Figure: HSBC Private Banking services for HNW clients, as stated on the HSBC homepage
  • Figure: HSBC Private Bank's rebranding advertising campaign in 2009
  • Figure: Business structure - Taiwan Cooperative Bank
  • Figure: Branch network - Taiwan Cooperative Bank
  • Figure: Business structure - UBS
  • Figure: UBS' assets under management split by client wealth band 2011
  • Figure: Branch network - UBS
  • Figure: UBS is a sponsor of the Art Gallery of New South Wales, which houses contemporary artworks
  • Figure: Global Wealth Managers Survey 2011 - geographic coverage
Back to Top