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資産管理の世界市場:市場競争の動向 (2019年)

Wealth Management Competitive Dynamics 2019

出版日: | 発行: GlobalData | ページ情報: 英文 | 納期: 即納可能 即納可能とは

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資産管理の世界市場:市場競争の動向 (2019年)
出版日: 2020年01月31日
発行: GlobalData
ページ情報: 英文
納期: 即納可能 即納可能とは
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  • 概要
  • 図表
  • 目次
概要

世界の資産管理市場は2018年に停滞期を迎え、特に顧客資産運用 (AUM) 部門はマイナス成長に転じました。最大手企業の地位は不動でしたが、企業合併・買収 (M&A) 活動の比重がより高くなりつつあります。

当レポートでは、世界の資産管理市場 (特に顧客資産運用 (AUM) 分野) における昨今の戦略展開状況について調査し、その結果を以下の通り取りまとめてお届けいたします。

第1章 エグゼクティブサマリー

第2章 資産管理企業の相互比較:顧客資産運用 (AUM) の場合

  • 超大手企業の成長率の低下
    • 投資場の低迷を受けて、大手資産管理企業も市場シェアを減らす (2018年)
  • スイス・米国の超大手銀行が、現在もAUMの主導権を握る
    • AUMの業績悪化にも関わらず、大手の資産管理企業の地位は不動
    • UBS と Bank of America Merrill Lynchの双方が、AUMの業績低下に苦しむ (2019年)
    • Raymond James:顧客資産の運用受託により急成長
    • 世界各地で資産管理企業の買収とAUMの強化が進む
    • 全ての企業買収取引を合わせても、AUM市場の再活性化に十分ではない (2018年)
  • プライベートバンク:現在のところ、注力領域に何の変更も無い
    • 大手の資産管理企業は現在も富裕層 (HNW) 市場で活動中
    • Citigold・HSBC Premier:既存の金融機関のなかで一般富裕層向け市場に強いが、他企業も追走中
    • アジア各国の銀行が、簡易版プライベートバンクの設立に熱心に取り組む
    • 資産管理企業40社の大半がロボットアドバイザー・サービスを導入し、更なる導入も検討中
  • 新規参入企業は黒字を達成するも、業界全体の沈滞状態を靴返せず
    • 世界最大のプライベートバンク:今も顧客を惹きつけるが、往事ほどの人気は無い
    • 収益純増を達成した企業はごくわずか

第3章 資産管理企業の比較分析:財務実績別

  • グループ全体の業績は向上したが、資産管理部門の業績は更に根強い
    • 上位40社の全体的業績の向上
    • 資産管理部門の業績も拡大し、グループ全体でのシェアも上昇
    • 一部の部門では、収支均衡の達成は微妙である

第4章 競争動向

  • 資産管理部門:2つの潮流に乗って大幅な成長を遂げる
    • アジア市場:世界最大の資産管理市場として台頭
    • 超富裕層 (UHNW):どの企業にとっても最優先の分野
  • 資金貸付の重要性の増大
    • 多くの資産管理企業が、富裕層顧客や事業部門への貸し付けを開始
    • 投資家への貸し付けを優先し始めた資産管理企業も出始める
  • 運用委託サービスの比率上昇:今も最優先事項で得ある
    • 大手の資産管理企業では、顧客の委託サービスへの移行を進める
    • 委託サービスへの移行/利用増加:投資家の選好変化を反映

第5章 付録

図表

List of Tables

  • Table 1: Private wealth management unit standard minimum account thresholds
  • Table 2: Robo-advisor offerings among selected wealth managers, November 2019
  • Table 3: The top 10 banking groups in the wealth rankings analysis of annual and quarterly filings (% of total strategic issue mentions), 2016-Q3 2019
  • Table 4: Top 40 wealth manager group reports and filings, mentions
  • Table 5: Net new money from reporting wealth management competitors ($bn), 2012-18

List of Figures

  • Figure 1: Top wealth manager assets were hammered by the markets, losing market share in the overall HNW wealth market
  • Figure 2: Raymond James' impressive performance in 2018 ensured it retained its top 10 spot despite strong challenges
  • Fi
目次
Product Code: GDFS0224IA

The global private wealth market had an off year in 2018, with a good profit result but contracting assets under management (AUM). While there was no change in the order of the world's five largest private wealth managers, there was more movement lower down the rankings as continued merger and acquisition activity boosted some players' AUM in a down year for most. Net inflows were down significantly from the bumper year of 2017 yet remained positive at all but a few troubled players. Revenue growth continued despite the contraction in AUM, which helped boost wealth profits despite a modest degradation of the cost/revenue ratio.

This report benchmarks the world's leading wealth managers by managed client assets and financial performance. All international public wealth managers with over $100bn in private client AUM are featured in the report, including standalone private banks and wealth managers as well as competitors that are part of larger universal financial groups.

Scope

  • Even with AUM down 5.5%, UBS's position as the world's leading private bank was unchallenged.
  • Client assets were down almost 1%, driven by negative market performance.
  • Net inflows remained positive in aggregate but were down from 2017's exceptional performance.
  • Cost/revenue ratios inched up as easy savings have already been made and few wealth mangers have managed to move to a lower cost base, despite heavy investment in digital.

Reasons to buy

  • Benchmark your AUM and financial performance against the biggest players in the industry.
  • Understand the challenges in growing client assets in different geographies.
  • Learn about your competitors' strategies related to expanding client books.
  • Find out how profitable the wealth management business is.
  • Identify the industry's best practices in managing operating costs and boosting revenues.

Table of Contents

1. EXECUTIVE SUMMARY

  • 1.1. Profit was up but AUM was down for the world's largest wealth managers in 2018
  • 1.2. Key findings
  • 1.3. Critical success factors

2. BENCHMARKING WEALTH MANAGERS BY CLIENT AUM

  • 2.1. Growth in Super League assets slowed in 2018
    • 2.1.1. The top wealth managers lost market share in 2018 as investment markets turned sour
  • 2.2. Traditional Swiss and American banks remain market leaders by AUM
    • 2.2.1. The top private wealth managers remain unassailable, regardless of AUM reductions
    • 2.2.2. Both UBS and Bank of America Merrill Lynch suffered AUM reductions in 2019
    • 2.2.3. Conversion of assets into managed wealth along with inflows boosted Raymond James
    • 2.2.4. Acquisitions still boosted AUM at some major wealth managers across the world
    • 2.2.5. Not all acquisitions were enough to boost AUM in a turbulent 2018
  • 2.3. There has been little change in the focus of private banks
    • 2.3.1. Leading wealth managers are still primarily operating in the HNW space
    • 2.3.2. Citigold and HSBC Premier are two of the most established mass affluent investor propositions, but other banks are also keen on this segment
    • 2.3.3. Asian banks have been keen to develop programs for the pre-private bank market
    • 2.3.4. A majority of the top 40 wealth managers offer robo-advisor services, with more on the way
  • 2.1. Net new money was positive but could not keep up with poor market performance
    • 2.1.1. The world's largest private wealth managers are still attracting clients, but at lower rates
    • 2.1.2. Only a handful of competitors saw an increase in their net inflows

3. BENCHMARKING WEALTH MANAGERS BY FINANCIAL PERFORMANCE

  • 3.1. Group performance improved but wealth divisions were stronger still
    • 3.1.1. Group profits continued to rise across the top 40
    • 3.1.2. Wealth management divisions modestly grew their share of group revenues in 2018
    • 3.1.3. Profit was a struggle at a number of wealth divisions in 2018

4. COMPETITIVE TRENDS

  • 4.1. Wealth managers are doubling down on two familiar trends
    • 4.1.1. Asian growth is increasingly important to the world's largest wealth managers
    • 4.1.2. The UHNW market is still a priority segment for most of the top 40
  • 4.2. Lending has become more of a priority for major wealth managers
    • 4.2.1. Many wealth managers have stepped up lending to wealth clients or via their wealth divisions
    • 4.2.2. Wealth managers lower down the wealth tiers are also prioritizing lending to investors
  • 4.3. Increasing the proportion of HNW wealth covered by mandates remains a major priority
    • 4.3.1. Top wealth managers are committed to converting clients to mandates
    • 4.3.2. The shift towards greater use of mandates reflects a change in investor preferences

5. APPENDIX

  • 5.1. Abbreviations and acronyms
  • 5.2. Supplemental data
  • 5.3. Secondary sources
  • 5.4. Further reading
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