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市場調查報告書

印度富裕層投資者 (2016年):印度次大陸富裕層與資產管理策略

Wealth in India: HNW Investors 2017

出版商 GlobalData 商品編碼 371688
出版日期 內容資訊 英文 55 Pages
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印度富裕層投資者 (2016年):印度次大陸富裕層與資產管理策略 Wealth in India: HNW Investors 2017
出版日期: 2017年05月25日 內容資訊: 英文 55 Pages
簡介

本報告針對印度富裕層財富管理動向調查、印度富裕層投資者檔案、投資風格喜好、資產分配動向、金融商品、服務需求。

摘要整理

  • 印度富裕層投資者與富裕層的擴大
  • 主要調查結果
  • 重要成功因素

印度富裕層投資者檔案

  • 繼承、製造、建設相關家族企業:印度財富主要來源
    • 印度富裕層的財富一半以上是家族性的
    • 印度富裕層家族以不動產、製造業累積財富
    • 私人銀行與家族公司競爭
  • 國外居住者比例較少
    • 海外的HNW層較少
    • 國外居住者市場:多為散居印度人構成

印度富裕層投資風格喜好

  • 期望透過財富管理人經營有好的成果、並產生變化
    • 財富管理人:必須表現出經營能力並與投資者接軌
    • HNW大部分財富透過地區水準提高維持慎重投資型
    • 慎重投資型需求提高、成為受到歡迎的選擇
    • 投資建議、慎重投資:以印度為中心的服務
    • 執行服務:現在未普及但對富裕投資者與技術精通的投資者具有吸引力

印度富裕層投資者資產分配動向

  • 財務內容多為股票與替代商品
    • 財務內容中不動產比例大幅下降、股票佔優勢
    • 股票是管理財富的主流:容易被市場情況左右
    • 印度投資者:債卷比直接保有的証券更受歡迎
    • 現金、準現金投資:地區平均下降
    • 不動產:印度富裕層資產比例大幅下滑
    • 商品投資:不受目前HNW投資者歡迎
    • 其他投資:印度富裕層資產內容主流

印度富裕層產品、服務需求

  • 計畫服務需求提高、成長中
    • 期待提供整體財務建議的財富管理人
    • 全面計畫服務:預計印度富裕層重要性增加
  • 印度HNW投資者:對擴大運用資產基礎貢獻
    • 印度富裕層對融資需求依然很高
    • 印度投資者:証券、不動產資產以小搏大

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目錄

Serving the Indian HNW investor market means understanding the pressures of family wealth. Whether this wealth is derived from family business or inheritance, given the high proportion of HNW investors who derive their wealth through one of the two there will be a family context to the assets and their control. A lack of expertise and access to sophisticated investment products are driving uptake of financial advice.

Wealth managers need to understand that decisions regarding investments might not be signed off by the client alone but may require input from other family members. This can be an encumbrance if a quick decision is required, but it is also an opportunity as it should provide a ready pool of potential clients to expand into.

As many Indian wealthy individuals have made their wealth through the IT sector, it is unsurprising that demand for automated services is forecast to rise. Wealth managers should develop digital propositions to attract this tech-savvy client segment and meet their high expectations in terms of financial advice.

Equities are the preferred asset class with execution-only services as the most popular; as economic growth will be strong, demand for equity products will continue to rise.

Critical success factors

  • Focus on advisory mandates: The bulk of HNW wealth is held in execution-only mandates, but demand is particularly pronounced for advisory mandates. While demand for all types of asset management services is on the rise, advisory asset management has enduring appeal, and demand for it will outpace other approaches.
  • Offer a wide range of investment products: Investors expect their wealth managers to give them access to more complex and sophisticated products. In order to accommodate this need, wealth managers need to develop their area of specialization and prove to their clients that management fees can be offset by higher returns.
  • Provide automated services: Indian investors' demand for automated services will rise strongly in the next 12 months. Wealth firms must be able to integrate fintech solutions into their proposition in order to stay competitive.

The report "Wealth in India: HNW Investors 2017", analyzes the Indian investment market, with a focus on the HNW segment.

Specifically the report:

  • Sizes the affluent market (both by number of individuals and their demographics) using our proprietary datasets.
  • Analyzes which asset classes are favored by Indian investors and how their preferences impact the growth of the total savings and investments market.
  • Examines HNW clients' attitudes towards non-liquid investments such as property and commodities.

Companies mentioned in this report: ICICI private banking, UBS, FundsIndia, Paytm, Karvy Private Wealth , Knight Frank.

Scope

  • Family business ownership and inheritance are the most important sources of wealth, reflecting the importance family holds in India.
  • Execution-only mandates are the preferred means for investing among India's HNW individuals, followed by advisory mandates, which are forecast to experience the greatest increase in demand.
  • Equities, property, and bonds have come to dominate HNW portfolios. Allocations in these asset classes are forecast to grow in the next 12 months.
  • Pension planning will be the priority for HNW investors, along with financial and tax planning.

Reasons to buy

  • Benchmark your share of the Indian wealth market against the current market size.
  • Forecast your future growth prospects using our projections for the market to 2020.
  • Identify your most promising client segment by analyzing penetration of affluent individuals in India.
  • Evaluate your HNW proposition by understanding how the Indian tax system will impact HNW clients.

Table of Contents

Table of Contents

  • 1. EXECUTIVE SUMMARY 3
  • 1.1. Rising levels of affluence have seen Indian HNW investors diversify 3
  • 1.2. Key findings 3
  • 1.3. Critical success factors 3
  • 2. PROFILING THE INDIAN HNW INVESTOR 9
  • 2.1. Financial services and IT are the primary sources of HNW wealth 9
  • 2.1.1. The bulk of Indian HNW individuals are males above 50 years of age 9
  • 2.1.2. Family business ownership is the leading source of Indian HNW wealth 10
  • 2.1.3. Many HNW investors have built their fortunes through the financial services sector 13
  • 2.1.4. The majority of HNW investors in India hold executive positions 15
  • 2.2. Expats in India account for a lower proportion than the regional average 16
  • 2.2.1. Few HNW individuals in the Indian market are drawn from abroad 16
  • 2.2.2. Investor and entrepreneur visas require relatively low capital 17
  • 2.2.3. Most HNW expats residing in India originate from the US 17
  • 3. INDIAN HNW INVESTMENT STYLE PREFERENCES 19
  • 3.1. A lack of expertise drives demand for professional advice 19
  • 3.1.1. HNW investors favor execution-only mandates 19
  • 3.1.2. HNW Indians expect their wealth managers to be highly experienced 20
  • 3.1.3. India's HNW investors place more than half of their managed wealth with their main wealth manager 22
  • 3.2. The expectation of better returns drives demand for advisory asset management 23
  • 3.2.1. Demand for advisory mandates is strong 23
  • 3.3. The appetite for advice is still on the rise 24
  • 3.3.1. The demand for advisory mandates will strongly increase 24
  • 3.3.2. High expectations are driving demand for advisory mandates 25
  • 3.3.3. A large share of Indian HNW wealth will remain in execution-only platforms 27
  • 4. UNDERSTANDING ASSET ALLOCATION TRENDS AMONG INDIAN HNW INDIVIDUALS 30
  • 4.1. Equity allocations will continue to rise 30
  • 4.1.1. Investors are loyal to equities and bonds 30
  • 4.1.2. Indian HNW clients look for capital growth 31
  • 4.1.3. Capital appreciation opportunities feed HNW appetite for equities 32
  • 4.1.4. Indian HNW individuals enjoy fixed income 33
  • 4.1.5. Bond holdings are driven by the predictability of returns 34
  • 4.1.6. Cash and near-cash allocations are below the regional average 36
  • 4.1.7. Investors' desire to maintain liquidity drives allocations into deposits 37
  • 4.1.8. Indian HNW investors are more interested in property than their regional peers 38
  • 4.1.9. Property prices are an important determinant of HNW demand for property 39
  • 4.1.10. Creating a perception of exclusivity is paramount to drive demand for alternatives 40
  • 4.1.11. Perception of exclusivity is the leading driver for investments into alternatives 41
  • 4.1.12. Commodity allocations in India beat the regional average 42
  • 4.1.13. Commodity investments are forecast to decrease 43
  • 5. HNW PRODUCT AND SERVICE DEMAND 46
  • 5.1. Demand for pension planning services is forecast to increase strongly 46
  • 5.1.1. Demand for financial planning is particularly pronounced 46
  • 5.1.2. Internationally active millionaires require advice on pension matters 47
  • 6. APPENDIX 49
  • 6.1. Abbreviations and acronyms 49
  • 6.2. Definitions 49
  • 6.2.1. Affluent 49
  • 6.2.2. HNW 49
  • 6.2.3. Liquid assets 49
  • 6.2.4. Mass affluent 50
  • 6.3. Methodology 50
  • 6.3.1. GlobalData's 2016 Global Wealth Managers Survey 50
  • 6.3.2. GlobalData's 2015 Global Wealth Managers Survey 50
  • 6.3.3. Global Data's WealthInsight 50
  • 6.3.4. Exchange rates 51
  • 6.4. Bibliography 51
  • 6.5. Further reading 53

List of Figures

List of Figures

  • Figure 1: Women remain underrepresented within the Indian HNW population 10
  • Figure 2: Family assets account for a high proportion of HNW wealth 12
  • Figure 3: Karvy Private Wealth caters for India's unique wealth characteristics 13
  • Figure 4: Indian wealth is largely derived from financial services, IT, and real estate 14
  • Figure 5: Most Indian HNW investors hold top executive positions 15
  • Figure 6: The expat population in India is well below the regional average 16
  • Figure 7: US nationals account for almost half of the Indian expat population 18
  • Figure 8: Execution-only is significantly more popular in India than the wider region 20
  • Figure 9: Lack of expertise is the major driver of demand for wealth management services 21
  • Figure 10: ICICI satisfies Indian HNW investors' sophisticated investment needs 22
  • Figure 11: Almost every Indian HNW investor uses more than one advisor 23
  • Figure 12: HNW demand is highest for advisory services 24
  • Figure 13: Advisory asset management will experience the highest increase in demand 25
  • Figure 14: HNW investors opting for advisory mandates expect higher returns 26
  • Figure 15: UBS Advice Asia empowers clients through cutting-edge technology 27
  • Figure 16: Non-financial investments put a strain on wealth managers' business 28
  • Figure 17: FundsIndia caters to individuals who want self-directed services 29
  • Figure 18: Indian HNW investors' portfolios are led by equities 31
  • Figure 19: Almost three quarters of equity investments are held in funds 32
  • Figure 20: Equities growth will be driven by capital appreciation opportunities 33
  • Figure 21: Bonds account for a fifth of HNW portfolios 34
  • Figure 22: Bond investments are forecast to increase further 35
  • Figure 23: Cash and near-cash allocations are much lower in India than in the wider region 36
  • Figure 24: HNW investors use cash products to ensure liquidity 37
  • Figure 25: Direct holdings are significantly more popular than property funds 38
  • Figure 26: Investors will shift away from property investments 40
  • Figure 27: Investors show strong interest in private equity funds 41
  • Figure 28: Strong growth for Indian alternatives is expected 42
  • Figure 29: Indian HNW investors' commodity allocations are mostly held directly 43
  • Figure 30: Commodity investments will stagnate over the next year 44
  • Figure 31: Paytm offers a secure way to invest in gold 45
  • Figure 32: Financial planning is the priority for Indian HNW investors 47
  • Figure 33: Wealth managers should lead with pension planning services 48
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