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市場調查報告書

測量馬來西亞的資產運用:市場機會

Wealth in Malaysia: Sizing the Market Opportunity

出版商 Verdict Financial 商品編碼 357705
出版日期 內容資訊 英文 41 Pages
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測量馬來西亞的資產運用:市場機會 Wealth in Malaysia: Sizing the Market Opportunity
出版日期: 2016年05月11日 內容資訊: 英文 41 Pages
簡介

雖然是小規模但正在急速成長的馬來西亞資產運用市場,在進入2015年後由於全球經濟趨勢──尤其是中國的失速和石油價格的下滑而對個人投資金額帶來負面影響下轉為減速。所幸市場配合人口的增加持續擴大成長,近年來的驚人成長雖然不若以往,但資產管理產業目前是國內投資家階級穩定擴大的可靠環境。

本報告以馬來西亞的資產運用市場為焦點,除了探討國內富裕市場規模之外,更提供其投資趨勢與對存款·資產運用整體市場的影響、對於避險基金和資產運用、期貨投資等非流動投資的措施的態度,並彙整國外投資的推動要素及據點發展等分析預測之獨家最新資訊。

摘要整理

  • 曝露於嚴苛環境的2014年馬來西亞資產運用市場
  • 重要發現
  • 為求成功的決策係數

檢測·預測馬來西亞資產運用市場規模

  • 同時以金融中心和資產運用市場兩個角色發展的馬來西亞
  • 富裕人口尚未希100萬人大關
  • 運用市場上層的可集中投資資產

馬來西亞資產運用市場成長推動要素

  • 趨向踏實成長的個人投資市場
  • 今後可望提升的個人投資
  • 以其他亞太地區市場以上的速度發展的馬來西亞,個人投資市場依然以存款為中心
  • 今後成長率也超過國內生產總值(GDP)的個人存款
  • 存款的成長率雖然進入2015年後鈍化,但預測將在預測對象期間內恢復
  • 即使經濟發展並不驚人,但仍穩定到可維繫存款成長的程度
  • 2015年穩固的公司債券並未持續成長,回復到2014年水準
  • 強調提供固定收入的國內資產運用機關
  • 股票·投資信託市場2016年將反彈為更穩定成長
  • 苦悶的2015年吉隆坡證券交易所
  • 股票投資是主要資產運用手段但預計不會在廣泛的消費階層間擴大
  • 馬來西亞信用信託對象主要是股票和公司債

富裕階級的投資趨勢

  • 集中於單純的傳統型資產的國內富裕階級組合
  • 不到馬來西亞富裕階級資產4分之一的非流動資產投資
  • 細微的國內資產流出與難說的國外銀行存款
  • 稍低於亞太地區平均富裕投資者層的國外投資額
  • 國外投資選擇的不足阻礙了資產回流
  • 國外投資的受益者主要為澳洲,新加坡,香港

附錄

  • 簡稱·縮寫
  • 補充資料
  • 用語定義
  • 調查·分析方法
  • 編者經歷
  • 相關文獻
  • 關於Verdict Financial
  • 免責聲明

圖表一覽

目錄
Product Code: VF0135CI

Summary

The small but fast-developing Malaysian wealth market slowed down in 2015 as global economic trends - particularly weak growth in China and falling oil prices - negatively impacted retail investment values. Fortunately, the market continued to grow and expand as a proportion of the population, and although the heady growth rates of recent years are largely a thing of the past, wealth managers can still rely upon steady expansion within the country's investor class.

Key Findings

  • The affluent investor class in Malaysia will number 1 million individuals by 2017, adding almost 200,000 people to the market.
  • Going forward, the proportion of retail investments in deposits is set to fall, highlighting the continued evolution of Malaysian investment preferences.
  • HNW investors have led the way in branching out into more sophisticated investments, with roughly one quarter of their onshore liquid wealth held in non-traditional investments as of 2015.
  • Given its proximity and range of sophisticated investments Singapore remains a constant draw for Malaysian wealth, particularly for HNW individuals.

Synopsis

Verdict Financial's "Wealth in Malaysia: Sizing the Market Opportunity" analyzes the Malaysian wealth and retail savings and investments markets, with a focus on the HNW segment. The report is based on our proprietary datasets.

Specifically the report:

  • Sizes the affluent market (both by the number of individuals and the value of their liquid assets) using our proprietary datasets.
  • Analyzes which asset classes are favored by Malaysian retail investors and how their preferences and the development of the local finance industry impact the growth of the total savings and investments market.
  • Examines HNW clients' attitudes towards non-liquid investments, such as hedge funds, property, and commodities.
  • Identifies key drivers and booking centers for offshore investments by Malaysian HNW clients.

Reasons To Buy

  • Benchmark your share of the Malaysia wealth market against the current market size.
  • Forecast your future growth prospects using our projections for the market to 2019.
  • Identify your most promising client segment by analyzing penetration of affluent individuals in Malaysia.
  • Evaluate your HNW proposition by understanding how FATCA and CRS are affecting your HNW clients.
  • Review your offshore strategy by learning HNW motivations for offshore investments and their preferred booking centers.

Table of Contents

EXECUTIVE SUMMARY

  • The Malaysian wealth market weathered a rough 2014 well
  • Key findings
  • Critical success factors

SIZING AND FORECASTING THE MALAYSIAN WEALTH MARKET

  • Malaysia is developing as a financial center and as a wealth market
  • The affluent population is still shy of the 1 million mark
  • Investible assets are concentrated within the upper tiers of the wealth market

DRIVERS OF GROWTH IN THE MALAYSIAN WEALTH MARKET

  • The retail investment market will see strong growth
  • Retail investments are expected to experience improved growth into the future
  • The Malaysian investment market is more developed than most markets in Asia Pacific but its retail sector is still focused on deposits
  • Growth will be healthy across all asset classes, but investors will turn to mutual funds going forward
  • Retail deposit growth will continue to outstrip GDP growth
  • Deposit growth moderated in 2015 but will pick up over the forecast period
  • Economic growth will be steady rather than spectacular, but will sustain growth in deposits
  • The robust bond growth of 2015 will not persist, returning to 2014 levels
  • Local wealth managers are highlighting their fixed income offerings
  • Equities and mutual funds will rebound to stronger growth in 2016
  • The Kuala Lumpur Stock Exchange suffered in 2015
  • Equities are a major asset class but have not experienced widespread take-up among consumers
  • Mutual funds in Malaysia are mainly equity and bond plays

HNW INVESTMENT PREFERENCES

  • Onshore HNW portfolios are concentrated in simple traditional assets
  • Just under one quarter of Malaysian HNW assets are in non-liquid asset classes
  • Offshore banking is a not insignificant drain on onshore assets
  • Offshore investments among HNW investors is slightly below the Asia Pacific average
  • The lack of onshore investment options is preventing wealth from coming home
  • Australia, Singapore, and Hong Kong are the primary beneficiaries of offshore investment

APPENDIX

  • Abbreviations and acronyms
  • Supplementary data
  • Definitions
  • Affluent
  • Domicile
  • DTA
  • FATCA
  • HNW
  • Liquid assets
  • Bonds
  • Cash
  • Deposits
  • Equities
  • Mutual funds
  • Mass affluent
  • Onshore
  • Residency
  • Sharia investments
  • TIEAs
  • Methodology
  • Global Wealth Model methodology
  • The main sub-model
  • Global Retail Investments Analytics methodology
  • Verdict Financial's 2015 Global Wealth Managers Survey
  • Bibliography
  • Further reading
  • About Verdict Financial
  • Disclaimer

List of Tables

  • Table 1: Malaysia: adult population segmented by affluent category and asset band (000s), 2009?14
  • Table 2: Malaysia: adult population segmented by affluent category and asset band (000s), 2015e?19f
  • Table 3: Malaysia: total liquid wealth segmented by affluent category and asset band ($bn), 2009?14
  • Table 4: Malaysia: total liquid wealth segmented by affluent category and asset band ($bn), 2015e?19f
  • Table 5: Malaysian ringgit-US dollar exchange rate, December 31, 2014 and December 31, 2015

List of Figures

  • Figure 1: The core affluent investor market remains restricted to a tiny (but growing) elite
  • Figure 2: More than half of all financial assets in Malaysia are held by mass affluent investors
  • Figure 3: Growth moderated in 2015, reflecting a weaker oil and gas sector, but is expected to improve in 2016
  • Figure 4: Deposits dominate Malaysian investors' onshore holdings
  • Figure 5: The outsized share of deposits in the Malaysian market has held back growth
  • Figure 6: Retail deposits should see steady growth over the forecast period, but the heights of 2011?12 are behind the market
  • Figure 7: Bond growth was healthy in 2015, but a return to 2014 growth seems likely
  • Figure 8: The stock market in Malaysia has struggled since 2013
  • Figure 9: Equities and mutual funds will see stronger growth in 2016
  • Figure 10: Mutual funds in Malaysia are still mainly a way to gain equity exposure
  • Figure 11: HNW investors have been relatively open to alternatives, strongly favoring property
  • Figure 12: HNW Malaysians rank well below other Asia Pacific markets in terms of offshore investments, but the share is increasing
  • Figure 13: Perceptions of a better range of investments compels HNW investors to book assets abroad
  • Figure 14: Local booking centers attract the bulk of Malaysian offshore investment
  • Figure 15: Malaysia has pursued comprehensive DTAs
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