Fund Distribution in Italy 2015

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Fund Distribution in Italy 2015
Focus Report - Sample
Content Samples
Table of Contents
Disclaimer
Page 2
- Banks
Page 51
Editor’s Note
Page 4
- Promotori Finanziari
Page 54
Investor Segment Definitions
Page 5
- Family Offices
Page 57
Executive Summary
Page 6
- Family Offices / Italian Rich List
Page 58
European Fund Distribution Landscape
Page 13
- Snapshot
Page 15
- Foundations
Page 59
- Introduction
Page 16
- Fund of Funds
Page 60
- Country Flows
Page 17
- Investment Consultants
Page 62
- Bestsellers 2015
Page 19
- Pension Funds
Page 63
- Different Trend Patterns
Page 20
- Insurance Companies
Page 64
- ETFs in Europe
Page 21
- Fund Platforms
Page 65
- Comment : Multi Asset über alles?
Page 22
Brand, Conferences & Media
Page 66
- Correlation: Performance & Sales
Page 23
- Brand
Page 68
- Price Pressure Everywhere
Page 24
- Conferences
Page 69
- The Impact of MiFID II & Co.
Page 25
- Media
Page 70
Italian Fund Landscape
Page 26
- Snapshot
Page 28
- Ratings & Rankings
Page 71
- Itroduction
Page 29
Fund Distribution in Italy
Page 72
- Breakdown of Asset Classes
Page 30
- Most Common Distribution Models
Page 74
- AuM Segments (Domestic & Foreign)
Page 32
- Distribution Opportunities - At A Glance
Page 75
- Top 15 Fund Managers (Domestic & Foreign)
Page 33
- Distribution Opportunities
Page 76
- Domestic Fund Managers
Page 34
- Distribution Challenges - At A Glance
Page 78
- Top 20 Domestic Fund Managers
Page 37
- Distribution Challenges
Page 80
- Domestic Fund Leaderboards
Page 38
Client Service Model Requirements
Page 83
- Domestic versus Foreign Fund Managers
Page 40
A Bonus Round - Recommendations from accelerando
Page 84
- Foreign Fund Managers
Page 41
Appendices
Page 87
- Alternatives
Page 43
- Fondi Speculativi (Hedge Funds)
Page 44
- Country Snapshot
Page 88
Italian Fund Buyers
Page 45
- Useful Links
Page 89
- Snapshot
Page 47
About & Imprint
Page 91
- Fund Buyer Methodologies
Page 48
- About
Page 92
- Fund Buyer Comfort Zones
Page 50
- Imprint
Page 93
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Fund Distribution in Italy 2015
Focus Report
Editor’s Note
Dear Reader,
Italy made stunning headlines in terms of fund flows over the last three years, leaving most other European fund markets in
the dust. It felt like a gold rush for foreign fund managers entering Italy, especially in the early days of this Italian fund
sales rally. “If you think Italy is easy, think twice“ warned a local expert this year. The picture is changing.
Domestic fund providers are now outpacing their foreign peers in terms of market share growth, while we witness and further
expect a tighter bottleneck scenario within foreign funds sold in Italy. Distribution in Italy comes at a high price and will get
more challenging. However, Italy also provides exciting opportunities going forward. Our 2015 Report on Fund Distribution
in Italy sheds light into current and future entry points and helps to manoeuvre intelligently through a game
changing environment.
This report dives deep into the Italian fund landscape and provides insights on each fund buyer segment, such as banks,
family offices, fund of funds, promotori finanziari, as well as pension funds.
We focus on practice relevance. We aim to address what it takes in reality to build a successful business in terms of sales,
client service models, etc. In addition we apply clear opinions and forward thinking recommendations.
Our fund distribution country reports have quickly established themselves as highly practice relevant 360 degree perspective
intelligence sources for fund distribution leaders and market intelligence units worldwide.
On the following pages we show you the table of contents, a synopsis of the report’s executive summary as well as
an illustrative cloud of snapshots out of the report.
Make sure you do not miss out this report on fund distribution in Italy, which many of your peers have already ordered.
All the best
Philip Kalus
managing partner
accelerando associates
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Fund Distribution in Italy 2015
Focus Report
Executive Summary
The Italian fund market has been rushing from record to record over the last three years. Net flows are rebounding immensely from near catastrophic levels just
four, five years ago. Net sales in Italy are at record level YTD, while the 2014 already doubled the 2013 net sales figures. Fund distribution in Italy made a fantastic
comeback. "Spettacolare" indeed.
Approximately 64% of YTD flows went into flexible, multi asset funds, followed by bond funds (22%) and equity funds (7%) ….
Domestic players have now taken …. of the market share in Italy, as opposed to foreign counterparts. While the top 3 players take the major market share in terms of
AuM with a scary 53% concentration. The top ten players combine a market share of 72%. Local banks sit in a privileged position as providers and as distributors, and
continue to play a major role as the driver of the domestic fund industry.
With the spectacular comeback of Italian asset management / fund distribution in Italy, Italian asset managers managed to climb up European sales tables. Intesa SP
(Eurizon & Fideuram) scored second in fund sales in Europe leaving behind major global powerhouses in asset management, such as JP Morgan, only being
beaten by the world’s largest asset manager BlackRock. Pioneer, which also could be witnessed in past tables, scores at rank 12 and Anima, with a total AuM of “only“
EUR 65 billion and an Italian market share below 4%, scores on rank 16, ahead of the likes of Amundi or Fidelity. Given the current momentum of fund distribution in Italy,
combined …..
Approximately …. of mutual funds investments are currently allocated to foreign funds. Combining funds and mandates, Allianz GI, Amundi and AXA lead foreign
fund manager tables in Italy. In terms of investment funds, only Franklin Templeton, JP Morgan and Invesco take the lead …..
The Italian financial adviser networks posted positive net inflows of EUR 1.3 billion alone in September 2015, with the total valuation of financial products and services
distributed under promotori finanziari amounting to a total of EUR 329 billion. The top three financial advisory networks control 80% of the sector’s assets. The
sector is heavily reliant on rebate payments, usually about 60 to 70 percent of fund management fees. In anticipation of MiFID II and a potential ban of retrocessions,
promotori finanziari have started offering funds through wrappers like fund of funds and unit-linked funds.
The level of retrocessions received demonstrate well that distribution in this sector hasn’t come cheap for asset managers. However, it is important to stress that
significant additional payments in terms of marketing support, events etc. are a widespread norm. Selling through financial advisory networks takes serious effort with a
high price tag. Respective budgets have reached alarming levels …..
Fund Distribution in Italy has undoubtably reached hot, if not over-heated levels. Nevertheless, we see and expect a number of promising ongoing and forthcoming
fund distribution opportunities in Italy.
The widespread trend towards wrapped solutions will gain further pace and we expect the fund of funds space to benefit and to grow substantially further,
which is a major opportunity for foreign fund managers aiming for Italian assets. Additionally, this trend should limit, if not reduce the wide spread pay to play distribution
culture and should put product and client service quality first. Hence ……
However, there is no shortage of challenges. …..
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Fund Distribution in Italy 2015
Focus Report
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Fund Distribution in Italy 2015
Focus Report
Imprint
All rights accelerando associates international SL 2015
Editorial Team
Philip Kalus (responsible)
Isabel Candela
Charles Velie
No part of this report may be reproduced or transmitted in any form
or by any means without the written permission of accelerando
associates international SL.
accelerando associates international SL
Avenida San Lorenzo 187, AP B
46901 El Vedat de Torrent (Valencia)
Spain
[email protected]
www.accelerando-associates.com
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Fund Distribution in Italy 2015
Focus Report