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富裕層 (HNW) の資産配分の動向

HNW Asset Allocation Trends 2017

発行 GlobalData 商品コード 353981
出版日 ページ情報 英文 56 Pages
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富裕層 (HNW) の資産配分の動向 HNW Asset Allocation Trends 2017
出版日: 2017年03月23日 ページ情報: 英文 56 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

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目次

HNW investment preferences are the result of interplay between a multitude of factors, such as macroeconomic and political conditions, risk-preferences, demographic factors, and investor attitudes. Over the next 12 months we expect further portfolio reallocation to benefit risk assets, as HNW investors globally are looking for cheap buying opportunities amid turbulent market conditions. However, there continue to be significant regional differences. The typical HNW portfolio in Asia Pacific and the Middle East is significantly more conservative than elsewhere globally, with above-average allocations to property and cash and near-cash products.

Critical success factors

  • Manage client expectations: Drawn in by cheap buying opportunities, investors are forecast to channel more wealth into equities. However, investors in many parts of the world are already significantly exposed to this asset class, and global volatility is unlikely to subside anytime soon. Wealth managers need to ensure that clients understand the risks involved. Depending on investors' risk preferences, a defensive strategy may still be advisable.
  • Broaden your investment proposition: Sophisticated investment products will always find their way into the typical HNW portfolio, but exchange-traded products (ETPs) are rapidly growing in popularity. Wealth managers targeting HNW investors need to offer these products in addition to more complex private banking products.
  • Adapt to local market conditions: One strategy does not fit all, and wealth managers with a global reach have to align their service propositions to highly diverse regional investment preferences. As macroeconomic conditions continue to diverge in different regions of the world, localized strategies will become even more important.

The report "HNW Asset Allocation Trends 2017" provides analysis of HNW asset allocation strategies in 17 key markets, including Australia, the UK, and the US.

In particular, this report provides the following -

  • Examines the drivers that determine HNW investment preferences.
  • Interprets macroeconomic, demographic, and attitudinal trends, such as risk preferences that are shaping HNW investment behavior.
  • To understand investment trends, and adjust your service proposition based on a detailed understanding of HNW investors' investment preferences.

Companies mentioned in this report: ANZ, Deutsche Bank, JPMorgan, and UBS, Eiffel Management, Dubai Islamic Bank, Mashreq Bank, Scotiabank, Commonwealth Bank of Australia.

Scope

  • The most striking trend in 2016 was the surge of risk assets, as investors are more willing to take on risk in the current low-yield environment.
  • HNW equity holdings will experience the biggest increase in demand as HNW investors continue to look for capital appreciation opportunities, hoping to take advantage of cheap buying opportunities.
  • The typical HNW real estate portfolio is increasingly skewed towards non-direct property investments; offering real estate investment trusts (REITs) is a must in the HNW space.
  • We forecast increased demand for commodities, which are regarded as a wider markets hedge. This will drive demand for gold in particular. However, betting on a sustained commodity price rebound will lead to further diversification.
  • Alternatives are becoming an increasingly attractive diversifier, as investors are losing faith in bonds and are looking for returns elsewhere. Asset diversification is the single most important driver for alternatives.

Reasons to buy

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

Table of Contents

Table of Contents

  • EXECUTIVE SUMMARY 2
  • 1.1. HNW investments preferences are shaped by a multitude of factors 2
  • 1.2. Key findings 2
  • 1.3. Critical success factors 2
  • 2. REGIONAL ASSET ALLOCATION TRENDS 9
  • 2.1. The global HNW portfolio is well diversified 9
  • 2.1.1. The typical HNW portfolio is increasingly exposed to risk assets 9
  • 2.1.2. The recent commodity price rebound has yet to manifest itself in the average HNW portfolio 10
  • 2.1.3. The allure of property as an investment option has somewhat faded 11
  • 2.2. HNW investors have strong appetite for direct equity, local currency products, equity funds, and bond funds 12
  • 2.2.1. Equity funds and ETFs are becoming increasingly popular 12
  • 2.2.2. While the average HNW bond portfolio is well-diversified, bond funds continue to dominate 13
  • 2.2.3. Local currency products prevail as part of HNW investors' cash investments, but there are exceptions 15
  • 2.2.4. Offering REITs is a must in the HNW space 16
  • 2.2.5. Hedge funds are the preferred alternative investment product among HNW investors 17
  • 2.2.6. Funds are the go-to investment when it comes to commodities 18
  • 2.3. There are significant regional differences when it comes to HNW investors' asset allocation preferences 19
  • 2.3.1. HNW investors in the West are significantly exposed to equity risk 19
  • 2.3.2. Real estate features prominently in the typical HNW portfolio in Asia Pacific and the Middle East and Africa 20
  • 2.3.3. Commodity holdings can be found across the world, but are particularly pronounced in Asia Pacific 21
  • 2.3.4. Demand for alternatives is particularly strong in North America and Asia 22
  • 3. HNW INVESTMENT DRIVERS 23
  • 3.1. Equity holdings are driven by capital appreciation opportunities 23
  • 3.1.1. Cheap buying opportunities are driving equity investments 23
  • 3.1.2. Capital appreciation potential will continue to drive HNW demand, but not everywhere 24
  • 3.2. Dividend income as a driver of equity investments is becoming increasingly important 26
  • 3.2.1. Geographic diversification is driving equity investment in Russia 27
  • 3.3. Bonds are traditionally important to risk-averse HNW individuals 28
  • 3.3.1. Quantitative easing and political uncertainty will continue to have a negative effect on bond holdings in Europe 28
  • 3.3.2. Risk aversion and asset diversification are the main drivers of bond investments 29
  • 3.3.3. Current returns are important considerations in many emerging markets, and wealth managers will do well to educate clients about the risks involved 30
  • 3.4. Cash and near-cash products are favored as a means of "parking" wealth and maintaining liquidity 31
  • 3.4.1. HNW investors are forecast to increase their cash holdings, albeit only slightly 31
  • 3.4.2. Being ready for future investment opportunities and a desire to maintain liquidity are the top drivers for cash investments 32
  • 3.4.3. Rising consumer confidence will have an adverse effect on deposit holdings in Europe 34
  • 3.4.4. The uptake of financial advice will lead to further portfolio diversification away from deposits - at least in some markets 35
  • 3.5. Real estate investments are driven by price movements and a desire to be able to rely on rental income 36
  • 3.5.1. Global HNW investments in real estate are forecast to rise 36
  • 3.5.2. Property price movements and rental yields are the main drivers for HNW investments in real estate 37
  • 3.5.3. Price appreciation is of particular importance in Asia 38
  • 3.5.4. In Europe the perception of safety, diversification benefits, and rental income are more important than capital growth 39
  • 3.6. Alternative investments are becoming increasingly important for their diversification benefits 40
  • 3.6.1. HNW demand for alternatives is forecast to increase in all but one country 40
  • 3.6.2. Asset diversification benefits have emerged as the top driver for HNW alternative investments 41
  • 3.6.3. Future capital appreciation remains important, but less so than a year ago 41
  • 3.6.4. Expansion of P2P lending and crowd-funding platforms is driving demand for alternatives in Hong Kong 42
  • 3.6.5. Other HNW drivers for alternatives include dissatisfaction with traditional asset classes, the perception of exclusivity, and current returns 43
  • 3.7. Commodities largely act as a diversifier, but capital appreciation opportunities seem appealing too 43
  • 3.7.1. Demand for commodities is set to rise in the majority of countries surveyed 43
  • 3.7.2. Their reputation as an important diversifier has seen commodities become an integral part of the typical HNW portfolio 44
  • 3.7.3. HNW investors in Asia Pacific are betting on capital appreciation opportunities 45
  • 3.7.4. The perception of safety is becoming an increasingly important driver in the commodity sphere 46
  • 4. APPENDIX 47
  • 4.1. Abbreviations and acronyms 47
  • 4.2. Supplementary data 47
  • 4.3. Definitions 52
  • 4.3.1. HNW 52
  • 4.3.2. Liquid assets 52
  • 4.4. Methodology 53
  • 4.4.1. GlobalData's 2016 Global Wealth Managers Survey 53
  • 4.4.2. GlobalData's 2015 Global Wealth Managers Survey 53
  • 4.5. Bibliography 53
  • 4.6. Further reading 54

List of Tables

List of Tables

  • Table 1: Importance of dividend income as a driver for equities; dividend growth (%); and dividend income ($bn), 2016 26
  • Table 2: Equity index movements and gross rental yields in Europe, 2016 39
  • Table 3: HNW investment drivers by country: equities, 2016 47
  • Table 4: HNW investment drivers by country: bonds, 2016 48
  • Table 5: HNW investment drivers by country: cash and near-cash products, 2016 49
  • Table 6: HNW investment drivers by country: property, 2016 50
  • Table 7: HNW investment drivers by country: alternatives, 2016 51
  • Table 8: HNW investment drivers by country: commodities, 2016 52

List of Figures

List of Figures

  • Figure 1: The typical HNW portfolio is becoming increasingly exposed to risk assets 10
  • Figure 2: Commodity prices have rebounded but remain low 11
  • Figure 3: The IMF's Global House Price Index has almost reached 2008 levels 12
  • Figure 4: Direct equity investments constitute the single largest component, but taken together fund holdings dominate 13
  • Figure 5: Emerging markets are still considered an attractive investment destination 14
  • Figure 6: Bond funds form the largest component of HNW investors' fixed-income investments 15
  • Figure 7: Local currency products are the most common type of cash investment 16
  • Figure 8: A significant proportion of HNW wealth is locked up in property 17
  • Figure 9: Hedge funds dominate in HNW investors' alternatives portfolios 18
  • Figure 10: Mutual funds form the largest component of HNW investors' commodity investments 19
  • Figure 11: Global markets have been subject to significant volatility 20
  • Figure 12: Investors' attitude towards risk differs significantly across the globe 22
  • Figure 13: The majority of wealth managers expect HNW equity demand to rise 23
  • Figure 14: Capital appreciation opportunities are motivating HNW investors to channel their wealth into equities 24
  • Figure 15: HNW investors are becoming more inclined to seek financial advice 25
  • Figure 16: Geographic diversification benefits are a key consideration among Russian HNW investors 27
  • Figure 17: Global demand for bond holdings will be varied 29
  • Figure 18: Risk aversion is driving bond investments in the HNW space 30
  • Figure 19: Global HNW cash holdings will increase over the next 12 months 32
  • Figure 20: HNW investors in Germany are looking for cheap buying opportunities 33
  • Figure 21: Being ready for future investment opportunities is the top driver for cash investments 34
  • Figure 22: Rising consumer confidence will result in deposit holdings declining 35
  • Figure 23: There is a significant opportunity to be had in China 36
  • Figure 24: HNW property investments are largely forecast to rise over the next 12 months 37
  • Figure 25: Property price appreciation is the number one driver of real estate investments 38
  • Figure 26: HNW demand for alternatives in Australia is forecast to skyrocket 40
  • Figure 27: Capital appreciation is the number one driver of alternative investments 42
  • Figure 28: Commodity holdings are set to increase in the HNW space 44
  • Figure 29: The benefits of asset diversification are driving commodity investments 45
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