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市場調查報告書
基礎建設基金
Infrastructure Funds: a primer for wealth managers
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本報告已在2011年07月19日停止出版。
本報告書內容包括：各國基礎建設需求分析、英國、愛爾蘭、澳洲政府與民間合作狀況、澳洲與歐洲基礎建設基金概要等等，內容綱要摘記如下：
DATAMONITOR的看法
分析
- 概要提要
- 基礎建設計畫的投資需求升高，也有滿足其需求的新方法
- 全球對基礎建設計畫的投資為一億九千萬美元
- 歷史上財務支援都由政府獨占，但民間融資的增加為民間投資者創造了新資產層級
- 為了基礎建設計畫，愛爾蘭成為政府民間合作的先驅國
- 1980、1990年代的改革促進澳洲的民間基礎建設投資市場成長
- 雖然對基礎建設基金的供給增加，但對投資者來說並非好事
- 澳洲是引進基礎建設基金的市場領導者
- 今天的歐洲投資者至少可在44個基礎建設基金中選擇
- 基礎建設資產的強烈競爭縮小了高收益的投資機會
- 基礎建設基金適合一般的機構投資者
- 基礎建設基金長期的性質代表其適合的投資者為保險公司或年金基金等
- 但資產管理者注意的是歐洲HNW的關注
- 結論
附錄
Abstract
Overview
Introduction
This brief answers the question whether these funds should be marketed more
heavily by wealth and asset managers.
Scope
- Assesses current infrastructure needs in selected countries, demonstraing
increasing demand for privately funded investment
- Discusses Public Private Partnerships in the UK, Ireland and Australia
- Outlines the growth in the number of infrastructure funds in Australia and
Europe
- Presents results of Datamonitor' s Wealth Management Market Leaders Survey
to assess demand from HNWs for these funds in Europe and Asia-Pacific
Report Highlights
Historically, governments have paid for infrastructure projects through
public-financing structures. However, the scale of infrastructure development
needed in many countries, combined with government budget deficits, stiff
competition for government resources, and reluctance to raise taxes means that
there are insufficient resources available.
While an increase in infrastructure funds should be a boon to investors
looking for opportunities in this sector, these investments could become the
victim of their own success. Pension funds, which are increasing their
exposure to infrastructure investments, compete with the funds for the assets.
Although infrastructure funds have less business potential among German and
French HNWs than they do in, for example, the UK, they do still hold some
potential in those countries. This is why a quarter of German and French
wealth managers expect to focus their resources on this asset class.
Reasons to Purchase
- Learn how much business potential Wealth Managers across 8 European
countries/regions think infrastructure funds hold for HNW clients
- See the size of Public Private Partnership investment in infrastructure
projects in the UK, Australia and Ireland
- Provides Relationship Managers with a top level view of infrastructure
funds to assess whether they are a suitable asset class for their clients
Table of Contents
- DATAMONITOR VIEW
- ANALYSIS
- Orientation of the brief
- There is a growing need for investment in infrastructure projects, and
new ways to fulfill this need
- Worldwide investment in infrastructure projects exceeds $1.9 trillion
annually
- Infrastructure funding needs are considerable,particularly in the
emerging markets
- Historically, funding came exclusively from governments,but private
funding is increasing, creating a new asset class for private investors
- More than $68 billion in public/private partnership infrastructure
deals worldwide were generated in 2005-6 alone, and the outstanding
market exceeds $400 billion
- The UK has more than $111 billion in public/private partnerships
- Ireland is among the country leaders in using PPPs to
fund infrastructure projects
- Australia' s private infrastructure investment market was boosted by
superannuation reforms of the 1980s and 1990s
- There is an increasing supply of infrastructure funds, but this may not
be good for investors
- Australia is a market leader in the launch of infrastructure funds
- Today, Europe' s investors have at least 44 infrastructure funds to
choose from
- Stiff competition today for infrastructure assets is narrowing the
opportunities for profitable investment
- Infrastructure funds generally are best suited to institutional investors
- The very long-term nature of infrastructure asset funds means that life
companies and pension funds are the most suitable investors
- There is, however, interest from European HNWs, which wealth managers
are focusing on
- Conclusion
- APPENDIX
- Definitions
- Public Private Partnership (PPP)
- Private Finance Initiative (PFI)
- Methodology
- Further reading
- 1O ECD (2006) Infrastructure to 2030.
- 2 Risk Australia (2007) Rush for assets.
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Global annual average infrastructure spending,2000-2030
- List of Figures
- Figure 1: Telecoms and water infrastructure projects account for three
quarters of annual spending, annual average from 2000-2010
- Figure 2: Europe dominates the PPP infrastructure market, 2007
- Figure 3: Inn is free is the largest PFI investor in the UK, 2004-7
- Figure 4: Transport will form Ireland' s largest PPP infrastructure sector
in 2009-12
- Figure 5: Listed infrastructure funds have grown dramatically on the ASX
- Figure 6: Most infrastructure funds for sale in Europe are "equity
funds"
- Figure 7: Investors in Austria, Germany and Luxembourg have the widest
range of infrastructure funds available to them
- Figure 8: Infrastructure funds have a lot of business potential among
HNWs in the UK and Nordic region
- Figure 9: British, French, German and Nordic wealth managers plan to
focus resources on infrastructure funds in the next two years
- Figure 10: Infrastructure funds have the most business potential among
Chinese and Taiwanese HNWs
- Figure 11: Despite strong business potential among HNWs,Taiwanese wealth
managers will not be focusing resources on this sector in the next two years
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