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富裕層 (HNW) の資産配分の動向

HNW Asset Allocation Trends

発行 Verdict Financial 商品コード 353981
出版日 ページ情報 英文 53 Pages
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富裕層 (HNW) の資産配分の動向 HNW Asset Allocation Trends
出版日: 2016年03月10日 ページ情報: 英文 53 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

目次
Product Code: VF0011IA

Summary

There is no single driver influencing HNW investment preferences. On the contrary, investment choices are determined by an interplay of factors such as risk preference, economic forces, and investor attitudes. As we enter 2016 we expect a reallocation of assets, benefiting alternative investment holdings globally. At the same time, HNW investors are looking for cheap buying opportunities in the equity space.

Key Findings

  • The most striking trend is the surge in alternatives, which constitute an increasingly large share of the typical portfolio as investors seek diversification from traditional investments. We are also seeing rising demand for exchange-traded funds, which thanks to the diversification they provide and their low costs are rapidly growing in popularity.
  • Drawn in by capital appreciation opportunities, investors are forecast to channel more wealth into equities. This trend will be particularly pronounced in Europe, where investors are hoping that loose monetary conditions will finally stimulate equity markets.
  • In the fixed income space, HNW investors are moving out of high-yield bonds, with investor concern mounting as volatility in the junk bond market persists. In many global markets wealth managers will have a tough time promoting bond holdings in general. Their best bet will be bond funds thanks to the diversification benefits they provide.

Synopsis

Verdict Financial's "HNW Asset Allocation Trends" draws on our 2015 Global Wealth Managers Survey to analyze HNW asset allocation strategies in 20 key markets. In particular, it examines the drivers behind investment choices now and over the next 12 months. Draws on our proprietary 2015 Global Wealth Managers Survey to present consistent data across 20 markets.

  • Analyze HNW asset allocation strategies in 20 key HNW markets including Australia, the UK, and the US.
  • Understand the drivers that determine HNW investment preferences.
  • Interpret the macroeconomic, demographic, and attitudinal trends that are shaping HNW investment behavior.
  • Accompanied by an online interactive dashboard to enable users to select and view the data of their choosing.

Reasons To Buy

  • Get fact-based insight into HNW investors' asset allocation preferences from our proprietary 2015 Global Wealth Managers Survey.
  • Remain a step ahead of competitors by anticipating investment trends and adjusting your service proposition accordingly to cater to HNW investors' changing investment preferences.
  • Be able to service HNW investors more thoroughly by understanding what is driving investment choices and how asset allocation strategies are going to change over the next 12 months.

Table of Contents

EXECUTIVE SUMMARY

  • HNW investment preferences are shaped by a multitude of factors
  • Key findings
  • Critical success factors

REGIONAL ASSET ALLOCATION TRENDS

  • The global HNW portfolio is well diversified
    • Equities dominate the typical HNW portfolio
    • Alternative investments have become more popular, at the expense of bonds
    • Despite recent downturns, commodities continue to find a place in the typical HNW portfolio
  • Detailed analysis shows HNW investors have strong appetite for direct equity, local currency products, equity funds, and direct property
    • Direct holdings constitute the bulk of equity investments, but ETPs are growing in popularity
    • Bond funds are the preferred type of fixed income investment
    • Local currency products prevail as part of HNW investors' cash investments, but there are exceptions
    • High direct property holdings limit wealth managers' fee-earning potential
    • Hedge funds have emerged as the preferred alternative investment among HNW investors
    • Commodity ETPs have overtaken mutual funds in popularity
  • There are significant regional differences when it comes to HNW investors' asset allocation preferences
    • The typical HNW portfolio in the West and the Middle East and Africa is heavily skewed towards equities
    • Real estate features prominently in the typical HNW portfolio in Asia Pacific and the Middle East and Africa
    • The drop in commodity prices hit investors in resource-rich countries hard
    • Demand for alternatives is particularly strong in North America

HNW INVESTMENT DRIVERS

  • Equity holdings are driven by the capital appreciation opportunities they provide
    • Positive stock market conditions are driving equity investments
    • Capital appreciation opportunities will continue to drive HNW demand, but not everywhere
    • Dividend income as a driver of equity investments is of particular importance in a number of countries
  • Bonds are traditionally important to risk-averse HNW individuals
    • Quantitative easing in Europe will continue to have a negative effect on bond holdings
    • Risk aversion and asset diversification are the main drivers of bond investments
    • Current returns are driving bond holdings in emerging markets, and wealth managers will do well to educate clients about the risks involved
  • Cash and near-cash products are favored as a means of maintaining liquidity
    • HNW investors are forecast to reduce their cash holdings, albeit only slightly
    • Risk aversion and a desire to maintain liquidity are the top two drivers for cash investments
    • Rising consumer confidence will have an adverse effect on deposit holdings in Europe
    • Education is key to lure clients away from deposits in certain markets
  • Real estate investments are driven by HNW investors' desire to be able to rely on rental income
    • Global HNW investments in real estate are forecast to rise
    • Rental yields and property price movements are the main drivers for HNW investments in real estate
    • Economic distress is driving demand for real estate in Russia
  • Alternative investments are becoming increasingly important for their diversification benefits
    • HNW demand for alternatives is forecast to increase in all but one country
    • Future capital appreciation is the primary driver of alternatives demand
    • HNW individuals also invest in alternatives to diversify their portfolio
    • Going forward, we expect dissatisfaction with traditional asset classes as a driver for alternatives to become more important
    • Other HNW drivers for alternatives include the perception of exclusivity and current returns
  • Commodities largely act as a diversifier in the average HNW portfolio
    • Demand for commodities is set to rise, but only for selected products
    • Their reputation as an important diversifier has seen commodities become an integral part of the typical HNW portfolio
    • HNW investors are also betting on capital appreciation opportunities in the commodity space

APPENDIX

  • Abbreviations and acronyms
  • Supplementary data
  • Definitions
    • HNW
    • Liquid assets
  • Methodology
    • Verdict Financial's 2015 Global Wealth Managers Survey
    • Verdict Financial's 2014 Global Wealth Managers Survey
    • Verdict Financial's 2013 Global Wealth Managers Survey
    • Bibliography
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: 10-year government bond rates
  • Table 2: Real house price growth, annual percentage change (selected countries)
  • Table 3: Equity index movements and gross rental yields in Europe
  • Table 4: Real house price growth, annual percentage change (selected countries)
  • Table 5: HNW investment drivers by country: equities, 2015
  • Table 6: HNW investment drivers by country: bonds, 2015
  • Table 7: HNW investment drivers by country: cash and near-cash products, 2015
  • Table 8: HNW investment drivers by country: property, 2015
  • Table 9: HNW investment drivers by country: alternatives, 2015
  • Table 10: HNW investment drivers by country: commodities, 2015

List of Figures

  • Figure 1: Alternative investments have become increasingly popular
  • Figure 2: 2015 was a rough year for commodities
  • Figure 3: ETPs are becoming increasingly popular among HNW investors
  • Figure 4: Bond funds form the largest component of HNW investors' fixed income investments
  • Figure 5: Local currency products are the most common type of cash investment
  • Figure 6: A significant proportion of HNW wealth is locked up in property
  • Figure 7: Hedge funds dominate in HNW investors' alternatives portfolios
  • Figure 8: ETPs form the largest component of HNW investors' commodity investments
  • Figure 9: Global markets have been subject to significant volatility
  • Figure 10: Investors' attitude towards risk differs significantly across the globe
  • Figure 11: The majority of wealth managers expect HNW equity demand to rise
  • Figure 12: Capital appreciation opportunities are motivating HNW investors to channel their wealth into equities
  • Figure 13: Global demand for bond holdings will be varied
  • Figure 14: Risk aversion is driving bond investments in the HNW space
  • Figure 15: Direct bond holdings dominate in emerging markets
  • Figure 16: Global HNW cash holdings will increase over the next 12 months
  • Figure 17: Risk aversion is the top driver for cash investments
  • Figure 18: Rising consumer confidence will result in deposit holdings declining in the Europe
  • Figure 19: HNW property investments are largely forecast to rise over the next 12 months
  • Figure 20: Rental yields constitute the number one driver of real estate investments
  • Figure 21: HNW demand for alternatives in Australia is forecast to skyrocket
  • Figure 22: Capital appreciation is the number one driver of alternative investments
  • Figure 23: Commodity holdings are set to increase in the HNW space
  • Figure 24: The benefits of asset diversification are driving commodity investments
  • Figure 25: Amid global uncertainty, the price for precious metals skyrocketed in 2016
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