澳洲基金超市市場

Abstract

Overview

Introduction

Fund supermarkets in Australia 2007 examines developments in the Australian fund supermarket sector and assesses the distribution channels that are in operation. The report analyzes both the current and possible future trends of the industry.

Scope

• Sizes the investment funds market and provides forecasts up to 2011.
• Reviews relevant legislative developments and their implications for fund distribution through supermarkets.
• Profiles leading fund supermarkets in Australia.

Report Highlights

New business sales in Australia for retail managed funds increased 29%, from USD179.6 billion for the year-ended June 2006, up to USD230.5 billion for the year-ended June 2007. Australia' s biggest banks dominated new business sales with St George, Westpac and NAB receiving the highest annual growth.

Industry experts feel that fund costs are likely to decline further as competition between fund supermarkets intensifies, especially surrounding the superannuation market. Financial adviser fees are currently under scrutiny from the industry and media sources and customers are likely to reap the rewards of tighter adviser costs in the future.

Reasons to Purchase

• Get an overview of the scope of the investment fund market, including past growth and future growth.
• Understand key current and future market drivers and their implications for fund supermarkets and fund managers.
• Use our analysis to inform fund marketing and distribution strategies and adapt to changes in the fund supermarket model.

Table of Contents

• OVERVIEW
  • Catalyst
  • Summary
• EXECUTIVE SUMMARY
  • The Australian managed fund market is the fourth largest in the world
  • Household funds are set to increase between 2007-2011
  • The new reforms will see more money enter superannuation
  • Competition between Australian fund supermarkets is intense
  • The future of supermarkets is bright
• TABLE OF CONTENTS
• TABLE OF TABLES
• DISTRIBUTION DYNAMICS
  • The Australian managed fund market is the fourth largest in the world
    • Market Size
    • Households accounted for 42% of the Australian investment (non-superannuation) fund market in 2006
    • Australia is the fourth largest market in the world and the biggest in Asia Pacific for managed funds
    • Superannuation funds account for over half the Australian managed fund market
    • Demand for managed funds is increasing
    • The major local banks hold over half the total retail managed funds in Australia
    • Fund supermarkets have a number of advantages
    • Australia' s biggest banks also dominate the fund supermarket space
    • St George and BT/ Westpac recorded the highest annual growth of retail fund inflows
    • Macquarie received the largest share of fund net flows for the year-ended June 2007
  • Customer Characteristics
    • The average Australian fund supermarket customer is middle-aged and investing for retirement
    • Over 50% of retail managed fund net flow is into superannuation
    • More Australians own superannuation then before
• DISTRIBUTION FORECASTS
  • Household funds are set to increase to USD131bn between 2007-2011
• REGULATORY CLIMATE
  • The new reforms will see more money enter superannuation
    • Australians have benefited from the recent superannuation changes
      • Individuals aged 60 and over can access their superannuation benefit tax-free
      • Limitations on concessionally taxed superannuation contributions have changed
      • Post- tax superannuation contributions are limited to AUD150,000 per annum
      • The transitional AUD1 million contribution limit served to boost fund inflows
• DISTRIBUTOR PROFILES
  • Competition between Australian fund supermarkets is intense
    • Colonial First State has a relatively large fund offering
      • Colonial First State offers one of the widest ranges of funds
      • CFS' s charging structure is low for the industry
      • CFS offers other core services
      • Advisers and clients have access to FirstNet services
      • The CFS website offers high functionality
    • BT is a leading white label Australian fund supermarket
      • BT offers a relatively small range of funds to direct investors
      • BT' s charging structure is average for the industry
      • BT offers other core services
      • BT does not offer online application to all fund types
    • MLC is a leading ' manager of managers'
      • MLC offers a relatively small range of funds to investors
      • MLC' s charging structure is standard for the industry
      • MLC offers other core services
      • MLC does not offer online application to its funds
    • AMP Financial Services is one of the biggest Australian fund supermarkets
      • AMP offers a large range of funds to investors
      • AMP' s charging structure is high for the industry
      • AMP offers other core services
      • AMP does not offer online application to its funds
  • Fees and charges have been driven down by competition
• DISTRIBUTION STRATEGIES
  • The future of supermarkets is bright
    • Fund selection is driven by client demand
    • Platform selection is based on strategic fit
    • Marketing strategies will depend on the target group
    • Fund supermarkets will continue to be an important distribution channel for managed funds into the future
      • The increasing popularity of self managed superannuation funds will require fund hosts and fund providers to track their developments
      • A reduction in the charging structure of managed funds will encourage participants to focus on new revenue streams
      • Volatility in the markets will result in an increased customer demand for structured and alternative investments
• APPENDIX
  • Definitions
    • Brokerage Firms
    • Fund Supermarket
    • Household savings and investments
    • Investment Funds
    • Managed Funds
    • Retail Funds
    • Self Managed Superannuation Funds
    • Superannuation fund
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Australian household savings and investments market, USDm, 2002-06
    • Table 2: Australian household savings and investments market, AUDm, 2002-06
    • Table 3: Total investment (non-superannuation) funds under management segmented by investor type
    • Table 4: Consolidated assets of managed funds segmented by institution type, December 2005-06
    • Table 5: Retail funds under management segmented by fund administrators, AUDm, June 2006-07
    • Table 6: Gross fund inflows segmented by fund administrators, AUDm, June 2006-07
    • Table 7: Retail fund net flow segmented by fund administrators, AUDm, June 2006-07
    • Table 8: Retail fund net flow segmented by investment type, AUDm, June 2006-07
    • Table 9: Forecast of the Australian household savings and investments market in USDm, 2007-2011
    • Table 10: Forecast of the Australian household savings and investments market in AUDm, 2007-2011
    • Table 11: Retail fund inflow segmented by market, AUDm, Q1 2007- Q2 2007
    • Table 12: Comparison of some leading Australian fund supermarkets
    • Table 13: CFS FirstChoice superannuation and investment funds fee structure
    • Table 14: BT superannuation and investment fund fee structure
    • Table 15: MLC superannuation and investment fund fee structure
    • Table 16: AMP superannuation and investment fund fee structure
    • Table 17: Management fees of MLC investment options have dropped since 2003