丹麥零售投資市場

Abstract

Overview

Introduction

This report is most appropriate for companies looking for an overview of the retail investments markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor' s Retail Savings and Investments Interactive Database 2006.

Scope

• Presents competitor market data for retail banks and mutual fund companies;
• Assesses regulatory barriers and opportunities;
• 5 years historic data from 2001-5 and 5 year forecast to 2010.

Report Highlights

Within Danish household portfolios, deposits represent the largest asset class. However, between 2001 and 2005, the proportional allocation of household assets to mutual funds increased steadily. During this five-year period, the total retail savings and investments market expanded at a compound annual rate of 12.9%.

Executive Order no. 1445 of December 21st 2005 requires foreign investment undertakings to submit to the DFSA their fund rules or articles of association, prospectus, statement of planned marketing and information on the taxation regulations applicable to Danish unit-holders of the investment undertaking.

Danske Bank' s asset management arm, Danske Invest, leads the Danish mutual funds sector. Danske Invest offers 6 unit trusts divided into more than 70 funds. It has a staff of 40 and its funds are distributed through Danske Bank branches. Danske Invest also has distribution agreements with other banks, pension companies and unit-link companies.

Reasons to Purchase

• Get an overview of the retail investment market, including past growth and forecast growth;
• Assess regulatory barriers and opportunities affecting retail investments in this country;
• Analyze competition from retail banks and mutual fund companies.

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • The Danish retail savings and investments sector hasgrown at a compound annual rate of 12.9% in the last 5 years; however areduced rate of growth is expected between 2006 and 2010
    • Household portfolios will see increased allocations tomutual funds and equities between 2006 and 2010
    • Legislation aimed at improving investor confidence andconsumer protection imposes additional obligations on providers
    • The leading Danish banks and asset management companiescontrol more than 70% of their respective markets
    • The top two banks also lead the Danish mutual fundssector
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • Between 2001 and 2005, the Danish retail savings andinvestments market experienced compound annual growth of 12.9%, drivenprimarily by growth in mutual funds and equities
    • Retail assets outstrip non-retail holdings in thedeposits and mutual funds markets
    • Deposits account for just under half of the Danishretail savings and investments market
    • Since 2001, mutual funds have accounted for a growingproportion of household wealth
• MARKET FORECASTS
  • Household portfolios will see increased allocations tomutual funds and equities between 2006 and 2010
    • Mutual funds will continue to account for an increasingproportion of household wealth
• MARKET REGULATION
  • Legislation aimed at improving investor confidence andconsumer protection imposes additional obligations on providers
    • The Danish Financial Supervisory Authority regulates thesavings and investments sector
    • For banks and investment companies, Basel II capitaladequacy requirements imply additional investment in risk managementexpertise and in IT systems to calculate risk
    • Anti-money laundering legislation implies an additionaladministrative burden for banks
    • New legislation updates the regulations on collectiveinvestments and financial services providers
    • Investment firms are subject to client moneyrequirements
    • Foreign collective undertakings are subject to DFSAcontrol and require marketing approval
    • Upcoming EU legislation (UCITS directive and MiFID)facilitates market development and enhances consumer protection
• COMPETITIVE MARKET STRUCTURE
  • The leading Danish banks and asset management companiescontrol more than 70% of their respective markets
    • Domestic institutions comprise the largest segment ofthe Danish banking sector, by number
    • The top 5 banks control 71% of the banking market,measured by total assets
    • The top 5 asset managers control 78% of the mutual fundsmarket, measured by assets under management
• MARKET LEADERS
  • The top two banks also lead the Danish mutual fundssector
    • Danske Bank & BG Bank lead the Danish bankingsector; Danske Invest is the mutual funds market leader
    • Nordea Bank trails the market leader in the Danishretail banking market; Nordea Invest ranks second in the mutual fundssector
    • Jyske Bank ranks third among banks; Nykredit PortefoljeAdministration is the third largest asset manager
    • FIH Group (Kaupthing Bank) is the fourth largest Danishbank by total assets; BankInvest ranks fourth among asset managers, byAuM
    • Sydbank rounds out the banking market leaders;Investeringsforeningen RHAM Value Partner has the fifth-highest mutualfunds market share
• APPENDIX
  • Asset manager / Asset management company
  • Bank
  • Collective Investment Scheme
  • Friendly society
  • Fund of funds
  • Hedge fund
  • Investment company
  • ISA
  • Non-retail market
  • Retail market
  • SICAF
  • SICAV
  • UCITS
  • Further reading
    • Savings and Investments SPP
      • Interactive Databases
      • Reports
    • Related Global Wealth Service SPP Reports
      • Interactive Databases
      • Market Reports
      • Strategic Insight Reports
      • Wealth Management Competitor Tracker
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
• List of Tables
  • Table 1: Total Savings & Investments segmented byretail v institutional, DKKm, as at Dec 2005
  • Table 2: Total Savings & Investments segmented byretail v institutional, in percentages, as at Dec 2005
  • Table 3: Retail Savings & Investments, segmentedby asset class, DKKm, as at Dec 2005
  • Table 4: Retail Savings & Investments, segmentedby asset class, DKKm, 2001 - 2005
  • Table 5: Retail Savings & Investments, segmentedby asset class, in percentages, 2001 - 2005
  • Table 6: Retail Savings & Investments, segmentedby asset class, DKKm, 2006 - 2010
  • Table 7: Retail Savings & Investments, segmentedby asset class, in percentages, 2006 - 2010
  • Table 8: Number of banks segmented by type, as at Dec2005
  • Table 9: Top 5 banks by total assets, as at Dec 2005
  • Table 10: Top 5 asset management companies by assetsunder management (AuM), as at Dec 2005
• List of Figures
  • Figure 1: Retail assets account for more than half ofdeposits and mutual funds, but less than one-fifth of equity and bonds
  • Figure 2: Deposits and mutual funds together accountfor roughly 80% of retail savings
  • Figure 3: Deposits account for the single highestproportion of household assets, but the proportional value of mutualfunds has been increasing
  • Figure 4: The decline in household assets in depositswill be offset by increases in assets in mutual funds and equities
  • Figure 5: Danish banks and savings banks account for86% of the market, by number
  • Figure 6: Danske Bank & BG Bank lead the bankingsector, with a market share of 38%
  • Figure 7: Danske Invest accounts for 24% of the mutualfunds (investment associations) market