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インドにおける富と富裕層投資家 (2016年):インド亜大陸の富裕層と資産管理戦略

Wealth in India: HNW Investors 2017

発行 GlobalData 商品コード 371688
出版日 ページ情報 英文 55 Pages
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インドにおける富と富裕層投資家 (2016年):インド亜大陸の富裕層と資産管理戦略 Wealth in India: HNW Investors 2017
出版日: 2017年05月25日 ページ情報: 英文 55 Pages
概要

当レポートでは、インドの富裕層によるウェルスマネジメントの動向を調査し、インドの富裕層投資家のプロファイル、投資スタイルの好み、資産配分の動向、金融商品・サービスへの需要などをまとめています。

エグゼクティブサマリー

  • インドの富裕層投資家と富裕レベルの増大
  • 主要調査結果
  • 重要成功因子

インドの富裕層投資家のプロファイル

  • 相続・製造・建設関連の家族企業:インドにおける富の主な源
    • インドの富裕層の富の半分以上は家族性のもの
    • インドの富裕層家族は不動産・製造業で富の形成を行っている
    • 民間銀行はファミリーオフィスブティックとの競合にさらされている
  • 国外居住者の割合は少ない
    • 海外からのHNW層は少ない
    • 国外居住者市場:多くはインド人ディアスポラで構成

インドの富裕層による投資スタイルの好み

  • ウェルスマネジャーにより良い成果を望むため、変動性が課題に
    • ウェルスマネジャー:より多く利益を出す能力と優れた投資家へのアクセスが必要
    • HNWの富の大部分は地域水準を優に上回る投資一任型で維持されている
    • 投資一任型の需要は高く、確実に好まれる選択肢となっている
    • 投資助言・投資一任:インドでの中心的サービス
    • 執行のみのサービス:現在は未普及だが、優れた投資家や技術に精通した投資家に訴求力を持つ

インドの富裕層投資家による資産配分の動向

  • ポートフォリオはほとんど株式および代替商品に配分される
    • ポートフォリオの中で不動産はシェアを大きく落とし、株式が優勢に
    • マネージドウェルスは株式が主流:ポートフォリオは市況に左右されやすい
    • インドの投資家:証券の直接保有より債券ファンドを好む
    • 現金・準現金投資:地域平均ををはるかに下回る
    • 不動産:インドの富裕層ポートフォリオにおいて大きなシェアだが下落傾向
    • 商品投資:現在はHNW投資家からの人気を失っている
    • オルタナティブ投資:インドの富裕層ポートフォリオにおいて主流

インドの富裕層の製品・サービス需要

  • プランニングサービスの需要が高く、成長している
    • 自身のファイナンス全般へのアドバイスをウェルスマネジャーに期待している
    • すべてのプランニングサービス:インドの富裕層の間で重要性が増す見通し
  • インドのHNW投資家:運用資産基盤の拡大に貢献
    • インドの富裕層の間では依然として融資の需要が高い
    • インドの投資家:証券・不動産資産の構築のためレバレッジ利用に受け入れ姿勢

付録

図表

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目次

Serving the Indian HNW investor market means understanding the pressures of family wealth. Whether this wealth is derived from family business or inheritance, given the high proportion of HNW investors who derive their wealth through one of the two there will be a family context to the assets and their control. A lack of expertise and access to sophisticated investment products are driving uptake of financial advice.

Wealth managers need to understand that decisions regarding investments might not be signed off by the client alone but may require input from other family members. This can be an encumbrance if a quick decision is required, but it is also an opportunity as it should provide a ready pool of potential clients to expand into.

As many Indian wealthy individuals have made their wealth through the IT sector, it is unsurprising that demand for automated services is forecast to rise. Wealth managers should develop digital propositions to attract this tech-savvy client segment and meet their high expectations in terms of financial advice.

Equities are the preferred asset class with execution-only services as the most popular; as economic growth will be strong, demand for equity products will continue to rise.

Critical success factors

  • Focus on advisory mandates: The bulk of HNW wealth is held in execution-only mandates, but demand is particularly pronounced for advisory mandates. While demand for all types of asset management services is on the rise, advisory asset management has enduring appeal, and demand for it will outpace other approaches.
  • Offer a wide range of investment products: Investors expect their wealth managers to give them access to more complex and sophisticated products. In order to accommodate this need, wealth managers need to develop their area of specialization and prove to their clients that management fees can be offset by higher returns.
  • Provide automated services: Indian investors' demand for automated services will rise strongly in the next 12 months. Wealth firms must be able to integrate fintech solutions into their proposition in order to stay competitive.

The report "Wealth in India: HNW Investors 2017", analyzes the Indian investment market, with a focus on the HNW segment.

Specifically the report:

  • Sizes the affluent market (both by number of individuals and their demographics) using our proprietary datasets.
  • Analyzes which asset classes are favored by Indian investors and how their preferences impact the growth of the total savings and investments market.
  • Examines HNW clients' attitudes towards non-liquid investments such as property and commodities.

Companies mentioned in this report: ICICI private banking, UBS, FundsIndia, Paytm, Karvy Private Wealth , Knight Frank.

Scope

  • Family business ownership and inheritance are the most important sources of wealth, reflecting the importance family holds in India.
  • Execution-only mandates are the preferred means for investing among India's HNW individuals, followed by advisory mandates, which are forecast to experience the greatest increase in demand.
  • Equities, property, and bonds have come to dominate HNW portfolios. Allocations in these asset classes are forecast to grow in the next 12 months.
  • Pension planning will be the priority for HNW investors, along with financial and tax planning.

Reasons to buy

  • Benchmark your share of the Indian wealth market against the current market size.
  • Forecast your future growth prospects using our projections for the market to 2020.
  • Identify your most promising client segment by analyzing penetration of affluent individuals in India.
  • Evaluate your HNW proposition by understanding how the Indian tax system will impact HNW clients.

Table of Contents

Table of Contents

  • 1. EXECUTIVE SUMMARY 3
  • 1.1. Rising levels of affluence have seen Indian HNW investors diversify 3
  • 1.2. Key findings 3
  • 1.3. Critical success factors 3
  • 2. PROFILING THE INDIAN HNW INVESTOR 9
  • 2.1. Financial services and IT are the primary sources of HNW wealth 9
  • 2.1.1. The bulk of Indian HNW individuals are males above 50 years of age 9
  • 2.1.2. Family business ownership is the leading source of Indian HNW wealth 10
  • 2.1.3. Many HNW investors have built their fortunes through the financial services sector 13
  • 2.1.4. The majority of HNW investors in India hold executive positions 15
  • 2.2. Expats in India account for a lower proportion than the regional average 16
  • 2.2.1. Few HNW individuals in the Indian market are drawn from abroad 16
  • 2.2.2. Investor and entrepreneur visas require relatively low capital 17
  • 2.2.3. Most HNW expats residing in India originate from the US 17
  • 3. INDIAN HNW INVESTMENT STYLE PREFERENCES 19
  • 3.1. A lack of expertise drives demand for professional advice 19
  • 3.1.1. HNW investors favor execution-only mandates 19
  • 3.1.2. HNW Indians expect their wealth managers to be highly experienced 20
  • 3.1.3. India's HNW investors place more than half of their managed wealth with their main wealth manager 22
  • 3.2. The expectation of better returns drives demand for advisory asset management 23
  • 3.2.1. Demand for advisory mandates is strong 23
  • 3.3. The appetite for advice is still on the rise 24
  • 3.3.1. The demand for advisory mandates will strongly increase 24
  • 3.3.2. High expectations are driving demand for advisory mandates 25
  • 3.3.3. A large share of Indian HNW wealth will remain in execution-only platforms 27
  • 4. UNDERSTANDING ASSET ALLOCATION TRENDS AMONG INDIAN HNW INDIVIDUALS 30
  • 4.1. Equity allocations will continue to rise 30
  • 4.1.1. Investors are loyal to equities and bonds 30
  • 4.1.2. Indian HNW clients look for capital growth 31
  • 4.1.3. Capital appreciation opportunities feed HNW appetite for equities 32
  • 4.1.4. Indian HNW individuals enjoy fixed income 33
  • 4.1.5. Bond holdings are driven by the predictability of returns 34
  • 4.1.6. Cash and near-cash allocations are below the regional average 36
  • 4.1.7. Investors' desire to maintain liquidity drives allocations into deposits 37
  • 4.1.8. Indian HNW investors are more interested in property than their regional peers 38
  • 4.1.9. Property prices are an important determinant of HNW demand for property 39
  • 4.1.10. Creating a perception of exclusivity is paramount to drive demand for alternatives 40
  • 4.1.11. Perception of exclusivity is the leading driver for investments into alternatives 41
  • 4.1.12. Commodity allocations in India beat the regional average 42
  • 4.1.13. Commodity investments are forecast to decrease 43
  • 5. HNW PRODUCT AND SERVICE DEMAND 46
  • 5.1. Demand for pension planning services is forecast to increase strongly 46
  • 5.1.1. Demand for financial planning is particularly pronounced 46
  • 5.1.2. Internationally active millionaires require advice on pension matters 47
  • 6. APPENDIX 49
  • 6.1. Abbreviations and acronyms 49
  • 6.2. Definitions 49
  • 6.2.1. Affluent 49
  • 6.2.2. HNW 49
  • 6.2.3. Liquid assets 49
  • 6.2.4. Mass affluent 50
  • 6.3. Methodology 50
  • 6.3.1. GlobalData's 2016 Global Wealth Managers Survey 50
  • 6.3.2. GlobalData's 2015 Global Wealth Managers Survey 50
  • 6.3.3. Global Data's WealthInsight 50
  • 6.3.4. Exchange rates 51
  • 6.4. Bibliography 51
  • 6.5. Further reading 53

List of Figures

List of Figures

  • Figure 1: Women remain underrepresented within the Indian HNW population 10
  • Figure 2: Family assets account for a high proportion of HNW wealth 12
  • Figure 3: Karvy Private Wealth caters for India's unique wealth characteristics 13
  • Figure 4: Indian wealth is largely derived from financial services, IT, and real estate 14
  • Figure 5: Most Indian HNW investors hold top executive positions 15
  • Figure 6: The expat population in India is well below the regional average 16
  • Figure 7: US nationals account for almost half of the Indian expat population 18
  • Figure 8: Execution-only is significantly more popular in India than the wider region 20
  • Figure 9: Lack of expertise is the major driver of demand for wealth management services 21
  • Figure 10: ICICI satisfies Indian HNW investors' sophisticated investment needs 22
  • Figure 11: Almost every Indian HNW investor uses more than one advisor 23
  • Figure 12: HNW demand is highest for advisory services 24
  • Figure 13: Advisory asset management will experience the highest increase in demand 25
  • Figure 14: HNW investors opting for advisory mandates expect higher returns 26
  • Figure 15: UBS Advice Asia empowers clients through cutting-edge technology 27
  • Figure 16: Non-financial investments put a strain on wealth managers' business 28
  • Figure 17: FundsIndia caters to individuals who want self-directed services 29
  • Figure 18: Indian HNW investors' portfolios are led by equities 31
  • Figure 19: Almost three quarters of equity investments are held in funds 32
  • Figure 20: Equities growth will be driven by capital appreciation opportunities 33
  • Figure 21: Bonds account for a fifth of HNW portfolios 34
  • Figure 22: Bond investments are forecast to increase further 35
  • Figure 23: Cash and near-cash allocations are much lower in India than in the wider region 36
  • Figure 24: HNW investors use cash products to ensure liquidity 37
  • Figure 25: Direct holdings are significantly more popular than property funds 38
  • Figure 26: Investors will shift away from property investments 40
  • Figure 27: Investors show strong interest in private equity funds 41
  • Figure 28: Strong growth for Indian alternatives is expected 42
  • Figure 29: Indian HNW investors' commodity allocations are mostly held directly 43
  • Figure 30: Commodity investments will stagnate over the next year 44
  • Figure 31: Paytm offers a secure way to invest in gold 45
  • Figure 32: Financial planning is the priority for Indian HNW investors 47
  • Figure 33: Wealth managers should lead with pension planning services 48
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