|
市場調查報告書
以歐洲個人投資家為主的 SRI
Socially Responsible Investing for European Private Clients
|
本報告已在2011年07月19日停止出版。
SRI〈社會責任投資〉類型的基金正持續成長中，對象資產從 2001 年 12 月到 2003 年 6 月間，從 145 億歐元到 121 億歐元，一共下降了 16%。
專門從事多種市場調查分析的英國調查公司 Datamonitor Corporation〈總公司：倫敦〉中，針對歐洲的 SRI 型投資市場 ，進行詳細的調查、分析，並有體系的統整、發行了調查報告書 "Socially Responsible Investing for European Private Clients" 。
該報告書的內容包括歐洲 SRI 型投資趨勢、個人銀行及資產管理企業在策略上的意義分析、市場牽動要素、資產管理企業的策略選擇、將來的市場機會和障礙等情報，共有 12 張圖表、38 頁的調查報告。整體內容概略如下。
1. SRI 型投資趨勢
- 介紹
- 定義與概念
- 背景與市場牽動要素
- SRI 型基金市場規模
- SRI 市場的將來
2. 資產管理市場的 SRI 型投資
- 資產管理企業中對 SRI 型投資的利用
- 持續性研究的角色與企業等級
- 資產管理企業的案例研究
- 瑞士的 SAM 公司
- Puilaetco 公司
- Dexia 個人銀行
3. 策略性的接觸
- 導入 SRI 型投資的判斷
- 形象與評價
- 顧客滿意度與忠誠度
- 投資效率
- 業績、成本、價格
- 策略的選項
- 主要的考察與行動
- 結論
Overview
Introduction
This brief analyses the socially responsible investment (SRI) trend and the implications for European private banks and wealth managers. It assesses key drivers, the major advantages and disadvantages in developing an ethical offering, competitive activity in this area and the strategic options for wealth managers, including the future opportunities and barriers to further development.
Scope
- Squarely focused on the implications of the socially responsible investment trend from a wealth manager's perspective.
- Includes competitive examples and case studies of key initiatives by wealth managers' in this area.
- Sizes the socially responsible investment fund market.
- Future focused and European in coverage.
Report Highlights
While the number of SRI funds has continued to grow, assets under management in these vehicles have fallen by 16 per cent between December 2001 and June 2003 from EUR14.5bn to EUR12.1bn. This reflects the equity nature of SRI products, which have been subject to the same prevailing stockmarket conditions as the wider fund industry.
Future growth will be primarily supply driven as new entrants to the market consolidate their product and service range and innovators enhance and develop their offerings to the further benefit of investors. There is also the expectation of a follow on effect as major investors and investment management houses move into the SRI sector
With so few current SRI offerings designed specifically for HNWs there is the potential to achieve competitive differentiation. The cost of incorporating an SRI service is far from prohibitive and being an early mover will leave wealth managers well positioned to exploit a market with substantial mainstream potential in the longer-term.
Reasons to Purchase
- Full analysis of the advantages, difficulties and practicalities of developing an SRI offering allows wealth managers to better assess the key issues.
- Detail of competitor initiatives and case studies provides insight and ideas into current and potential future offerings
- Offers a future focused view of the strategic options for players in developing their response to the socially responsible investment trend.
TABLE OF CONTENTS
THE SOCIALLY RESPONSIBLE INVESTMENT TREND
- Introduction
- Definition and concept
- Background and drivers
- Product and service developments in the institutional marketplace
- Recognition in the professional and investment community
- Development of key facilitator services
- Government regulation and NGO pressures have raised SRI visbility
- Public interest and awareness
- Size of the SRI fund market
- SRI fund market has grown rapidly since the mid 90s
- Assets under management in SRI funds have not escaped market difficulties
- The UK is by the far the largest market for SRI funds in Europe
- Future expectations for the SRI market
- The SRI market is set to grow strongly
- The next few years will be key to establishing SRI's position and reputation
- Could SRI become a generalist concept?
- There are some potential barriers to development
SRI IN THE WEALTH MANAGEMENT MARKETPLACE
- Application of SRI to wealth managers
- High equity ownership makes HNWs a good target for SRI
- Is there a link between increasing wealth and social responsibility?
- HNW SRI will remain a niche until the right proposition is found
- The role of sustainability research and rating companies
- Research and rating companies have the potential to play a key role
- Research partners must be adaptable and consistent with investing needs
- Shakeout in the number of SRI research companies will occur
- Wealth manager case studies
- Sustainable Asset Management
- SAM has developed core competences in SRI
- Service and relationship management are also central to the offering.
- Substantial potential both on its own or in partnerships
- Puilaetco
- A partnership with Triodos bank is the basis for the ethical investment service
- Triodos handles ethical selection while Puilaetco deals with financial selection
- Puilaetco has an opportunity to do more with its servcie
- Dexia Private Banking
- Dexia Asset Management provides the private bank with strong SRI capabilties
- Dexia Private Bank should exploit its SRI capabilities to boost its market share
STRATEGIC APPROACH
- The decision to incorporate SRI
- Image and reputation
- Client satisfaction and loyalty
- Investment performance
- Revenues, costs and pricing
- Strategic options
- Key considerations and actions
- SRI Experimenter
- SRI Partner-Seeker
- SRI Embracer
- Conclusion
APPENDIX
- Research methodology
- Definitions
- Socially Responsible Investment (SRI) funds
- Further reading
- Datamonitor Global Wealth Service SPP: Reports
- Datamonitor Global Wealth Service SPP: Insight Reports
- Datamonitor Global Wealth Service SPP: Competitor Tracking
- Related Datamonitor Savings Investments SPP Reports
- Datamonitor's Global Wealth Model
- Datamonitor Financial Services Consulting
- SPP writing team
- List of Tables
- Table 1: Number of SRI funds in Europe, December 1984- June 2003
- Table 2: Assets under management in SRI funds by domicile, December 1999 - June 2003
- Table 3: A selection of European SRI research organizations
- Table 4: Wealth markets that have been modeled using the Global Wealth Model
- List of Figures
- Figure 1: Key drivers behind the uptake of socially responsible investments by private clients
- Figure 2: Sustainable companies' share price performance has also struggled in recent years, Q4 1999 to Q4 2003
- Figure 3: Growth in the number of SRI funds has continued despite the market downturn, End 1984- June 2003
- Figure 4: SRI assets under management have suffered in the market downturn, Dec 1999- June 2003
- Figure 5: HNW SRI is set to grow as the SRI concept expands ethical issues to all aspects of investors' lifecycles and an ethically conscious generation accumulates and consolidates its wealth
- Figure 6: Quality of implementation will the key determinant of the marginal rewards/costs for introducing an SRI offering
- Figure 7: The ability to combine the relevant information and work within an SRI framework will be the key differentiator
- Figure 8: Strategic options for incorporating SRI into the wealth management proposition
|
