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富裕層 (HNW) の資産配分の動向

HNW Asset Allocation Trends 2019

発行 GlobalData 商品コード 353981
出版日 ページ情報 英文 52 Pages
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富裕層 (HNW) の資産配分の動向 HNW Asset Allocation Trends 2019
出版日: 2019年04月30日 ページ情報: 英文 52 Pages
概要

当レポートでは、世界のウェルスマネージャー (資産管理企業) 調査の結果に基づき、主要20市場における富裕層 (HNW) の資産配分の戦略について検証し、特に投資選択における促進要因に焦点を当てて、体系的な情報を提供しています。

エグゼクティブサマリー

地域別の資産配分の動向

  • 世界のHNWポートフォリオは十分に多様化
  • HNW投資家は直接投資、現地通貨商品、株式ファンドに強い欲求
  • HNW投資家の資産配分の選好には地域差がある

HNWの投資促進要因

  • 株式保有は資本増価の機会によって後押し
  • 債権はリスク回避のHNWI (個人富裕層) にとって伝統的に重要
  • 現金・短期投資商品は流動性を維持する手段として好まれる
  • 不動産投資によってHNW投資家は賃貸料所得に依存することが可能に
  • 多様化の利点には、代替投資がますます重要になる
  • 商品は、平均的なHNWポートフォリオにおける分散投資家としての機能を果たす

付録

図表

図表

List of Tables

  • Table 1: Singapore: changes to Additional Buyer's Stamp Duty
  • Table 2: HNW investment drivers by country: equities, 2018
  • Table 3: HNW investment drivers by country: cash and near-cash investments, 2018
  • Table 4: HNW investment drivers by country: bond investments, 2018
  • Table 5: HNW investment drivers by country: property investments, 2018
  • Table 6: HNW investment drivers by country: alternative investments, 2018
  • Table 7: HNW investment drivers by country: property investments, 2018

List of Figures

  • Figure 1: 2018 was a weak year for financial markets
  • Figure 2: The average HNW portfolio is increasingly exposed to equity risk
  • Figure 3: The IMF's Global House Price Index has reached pre-crisis levels
  • Figure 4: Actively managed ETFs/ETPs
目次
Product Code: FS0193IA

Chasing capital appreciation opportunities, HNW investors have been eager to increase their equity holdings over the past few years. While we do not expect a fall in demand for risk assets, HNW investors are looking for new means to diversify their portfolios. Overall we expect a notable increase in alternatives at the expense of fixed-income products over the coming year. However, there will be significant regional differences. Over the next 12 months we expect to see a reallocation of HNW assets as investors increasingly seek to diversify their holdings. This means wealth managers will do well to discuss the various methods that will help HNW investors diversify their portfolios. Diversification across asset classes remains the go-to approach, with too little attention given to geographical and intra-asset class diversification.

Drawing on our 2018 Global Wealth Managers Survey, this report analyzes HNW asset allocation strategies in 19 key markets. In particular, it examines the drivers behind investment choices now and over the next 12 months.

Scope

  • HNW investors in Asia Pacific are significantly more risk averse than their global peers, with an average equity allocation of 32.8%. This compares to 42.3% in Europe and 52.8% in North America.
  • 64.3% of wealth managers expect demand for alternatives to rise, while a mere 13.0% expect a drop in demand. The asset class is becoming more popular as a diversifier and as the allure of bonds fades.
  • Liquidity concerns are also driving demand for cash and near-cash products, with 61% of wealth managers expecting an increase, while demand for bonds is forecast to drop.
  • Amid growing uncertainty, the predictability of returns is driving demand for a stable rental and dividend income in the form of property and equities, calling for a focus on quality assets.

Reasons to buy

  • Understand investment trends and adjust your service proposition based on a detailed understanding of HNW investors' investment preferences.
  • Understand how to best promote investment products by learning what is driving investment choices.
  • Learn how and why investment preferences will change over the next 12 months.
  • Understand the effect increased volatility can have on investor behavior and how to minimize the risk of customers changing providers.
  • Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investment drivers.

Table of Contents

1. EXECUTIVE SUMMARY

  • 1.1. Diversification should form the basis of asset allocation decisions
  • 1.2. Key findings
  • 1.3. Critical success factors

2. REGIONAL ASSET ALLOCATION TRENDS

  • 2.1. 2018 left market participants disappointed, and 2019 is making them nervous
    • 2.1.1. Challenging market conditions will provide new issues to overcome
    • 2.1.2. Equity holdings have been on the rise, leaving HNW investors exposed to significant risk
    • 2.1.3. Cash and near-cash investments are of little appeal to HNW investors, but this is changing in a number of countries
    • 2.1.4. HNW commodity exposure has reached an all-time low
    • 2.1.5. Globally the allure of property is fading, but the picture looks more varied on a country level
  • 2.2. HNW investors seek a balance between liquidity and direct market exposure
    • 2.2.1. ETFs are becoming increasingly popular
    • 2.2.2. Equities: Funds and ETFs outweigh direct holdings
    • 2.2.3. Bonds: The average HNW fixed-income portfolio is diversified, but direct investments dominate
    • 2.2.4. Cash and near-cash products: Local currency deposits prevail as part of HNW investors' cash investments, but there are exceptions
    • 2.2.5. Property: Offering REITs is a must in the HNW space
    • 2.2.6. Alternatives: Hedge funds are the favored alternative investment among HNW investors
    • 2.2.7. Commodities: Funds and ETFs are the go-to investment, but gold captures significant demand
  • 2.3. Local conditions significantly influence HNW investors' asset allocation preferences
    • 2.3.1. HNW investors in North America are significantly exposed to equity risk
    • 2.3.2. The European HNW portfolio is somewhat more diversified
    • 2.3.3. Property is deeply engrained in Asian culture, and the HNW segment is no exception

3. HNW INVESTMENT DRIVERS

  • 3.1. Fear that the bull run is coming to an end is forcing HNW investors to review their portfolios
    • 3.1.1. Diversification is a major theme across asset classes
    • 3.1.2. Uncertainty is the core issue to address in 2019 investment strategies
  • 3.2. A focus on diversification will drive demand for alternatives, but a bit of handholding is needed
    • 3.2.1. HNW investors are showing increasing interest in alternatives, while demand for fixed-income products is decreasing
    • 3.2.2. Alternatives have the potential to add further diversification, but trust and client education are a prerequisite to drive uptake
    • 3.2.3. Promoting more exclusive alternatives will drive demand for the asset class in Canada, France, and India
  • 3.3. Bulletproofing HNW investors' portfolios against increased volatility must be a priority
    • 3.3.1. Downward volatility has the potential to cause significant customer churn
    • 3.3.2. Diversification in the equity space has to become more important
  • 3.4. Providing cash management tools is a must as liquidity concerns are driving demand for cash and near-cash products
    • 3.4.1. Many investors betting on higher rates will be disappointed
  • 3.5. HNW investors are looking towards property and equity investments for a stable income stream
    • 3.5.1. The stable income from real estate makes the asset class an appealing investment
    • 3.5.2. Weak rental yields in the developed world call for a reshuffle of investors' property portfolio
    • 3.5.3. Wealth managers should put an increased focus on dividend stocks and funds

4. APPENDIX

  • 4.1. Abbreviations and acronyms
  • 4.2. Supplementary data
  • 4.3. Definitions
    • 4.3.1. HNW
    • 4.3.2. Liquid assets
  • 4.4. Methodology
    • 4.4.1. GlobalData's 2018 Global Wealth Managers Survey
    • 4.4.2. GlobalData's 2017 Global Wealth Managers Survey
    • 4.4.3. Level of agreement calculation
    • 4.4.4. Forecast demand/asset allocation calculation
  • 4.5. Secondary sources
  • 4.6. Further reading
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