"Market intelligence: fund flows that matter" is a series of wall charts designed to demonstrate the EY Global Fund Distribution (GFD) Market Intelligence services and capabilities on a global and regional level, assisting global asset servicers and asset managers in optimizing their investment fund product developments and distribution strategies. We hope you find the 2015 edition useful and welcome any comments you may have. Visit http://www.ey.com/gfd Download http://www.ey.com/Publication/vwLUAssets/EY_GFD_Asia-Pacific_Fund_Distribution_March_2015/$FILE/Asia-Pacific_March_2015-Final_WEB.pdf

1. THA*
AUS
KOR
JPN
TWN
ISR
HKG
NZL
MYS
SGP
TUR
IDN
SAU
PHL
KWT
ARE
BHR
QAT
MAC
LBN
CHN*,**
Asia-Pacific fund distribution
Market intelligence: fund flows that matter March 2015
UCITS in Asia
Monthly net flow per asset class
Asia-Pacific distribution markets’ growth in 2014
Funds and UCITS funds
Asia-Pacific market trends
Contacts
Laurent Denayer
Partner
+352 42 124 8340
laurent.denayer@lu.ey.com
Visit ey.com/GFD
France Messier
Manager
+352 42 124 8534
france.messier@lu.ey.com
EY analysis is based on
fund data provided by
* No growth figure has been calculated for these markets.
** CHN and China refer to the Mainland China market.
In 2014, open-ended funds grew by 12% and UCITS grew by 4% in terms of
assets under management in the Asia-Pacific distribution markets.
“
The heat map above illustrates the growth of the largest Asia-Pacific
distribution markets based on the variation of the total net assets
held by local investors in domestic and cross-border funds available
for sale. The annual growth determining the bubble color is defined
by the ratio between the sum of flows in 2014 and the total net
assets at the beginning of 2014.
“
”
”
Annual growth of local distribution markets
Bubble scaling
About US$500 billion
About US$250 billion
About US$100 billion
37%
20%
14%
20%
9% 31%
23%
16%
21%
9%
Market share per asset class
by investor type (12/2014)
Market share per asset class
for selected distribution markets (12/2014)
Equity
Allocation/balanced
Fixed income
Money market
Others
Retail share classes
(outer circle)
Institutional share classes
(inner circle)
Equity
Allocation/balanced
Fixed income
Money market
Others
Equity
-500
-400
-300
-200
-100
100
0
300
200
400
500
01/201402/201403/201404/201405/201406/201407/201408/201409/201410/201411/201412/2014
USDmillionsUS$millions
Allocation/balanced
-100
-50
0
50
150
100
250
200
300
350
01/201402/201403/201404/201405/201406/201407/201408/201409/201410/201411/201412/2014
USDmillionsUS$millions
Fixed income
-1,000
-500
0
500
1,000
1,500
01/201402/201403/201404/201405/201406/201407/201408/201409/201410/201411/201412/2014
USDmillionsUS$millions
Money market
-100
-80
-60
-20
-40
20
0
40
60
01/201402/201403/201404/201405/201406/201407/201408/201409/201410/201411/201412/2014
USDmillionsUS$millions
31%
24% 23%
49%
62%
22%
7%
50%
17%
50%
45%
52% 52%
52%
14%
6%
9%
5%
3% 32%
10%
60%
9%
11%
6% 8%
10%
7%
7%
38% 17%
51%
39%
30%
8%
18%
39%
41%
21%
6%
51%
20%
2%
16%
22% 20%
8%
11% 22% 18%
2% 4% 44% 2% 1% 2% 1% 2% 4% 1%
4%
1% 1%1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AUS CHN KOR JPN TWN THA ISR HKG NZL MYS SGP ARE BHR
Funds
AuM
UCITS
AuM
The bubble size gives an
indication of the market size
in terms of assets under
management as at 12/2014.
When two bubbles are shown
for one market, the inner circle
represents the market share and
growth of UCITS in that market.
-12% -9% -6% -3% 0% 3% 6% 9% 12%
Regulatory
intelligence
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registration
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reporting
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2. GFD2.0
GlobalFundDistribution
EY’sglobalservicesforcross-border
distributionofUCITS,AIFsandotherCIS
Asia-Pacificwallchart
March2015
Core
Non-core
EYGFDcoverage
EY and Morningstar
Contacts
EYMorningstar
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Reserved.Theinformationcontainedherein:(1)
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Australia
Austria
Bahrain
Belgium
Brazil
Canada
Chile
Colombia
CzechRepublic
Denmark
Finland
France
Germany
HongKong
Hungary
India
Ireland
Italy
Japan
Luxembourg
Macao
Malta
Mexico
TheNetherlands
Norway
Peru
Poland
Portugal
SaudiArabia
Singapore
SouthAfrica
SouthKorea
Spain
Sweden
Switzerland
Taiwan
Turkey
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmerica
LaurentDenayer
Partner
+352421248340
laurent.denayer@lu.ey.com
FranceMessier
Manager
+352421248534
france.messier@lu.ey.com
JohnBaker
+35227042935
john.baker@morningstar.com
TerryRosenbluth
+35227042936
terry.rosenbluth@morningstar.com
ForMorningstarglobaloffices,pleasevisit
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Tolearnmore,pleasevisit
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MorningstarAssetFlows
Asset Flows by Morningstar RatingTM
($Mil)
Morningstar Asset Flows by Firm Name
Estimated Net Flow Net Assets
Firm Name 1 Year ($Mil) ($Bil)
Vanguard 98,718 165,894
Goldman Sachs 30,762 56,543
BlackRock 28,264 92,006
iShares 25,074 50,707
Dimensional 16,190 28,814
JPMorgan 13,328 48,676
Morgan Stanley 12,385 27,168
MFS 10,583 19,475
Oakmark 7,237 15,859
State Street -1,008 26,206
Date as of June 2014. Source: Morningstar, Inc.
To learn more and to receive a free monthly asset flows commentary,
enabling you to stay current with industry trends, please visit
http://global.morningstar.com/MorningstarAssetFlows
Morningstar is a leading provider of independent investment research
in North America, Europe, Australia, and Asia. The company offers an
extensive line of products and services for individual investors,
financial advisors, asset managers, and retirement plan providers and
sponsors. Morningstar provides data on approximately 473,000 investment
offerings, including stocks, mutual funds, and similar vehicles, along with
real-time global market data on more than 12 million equities, indexes,
futures, options, commodities, and precious metals, in addition to foreign
exchange and Treasury markets. Morningstar also offers investment
management services through its investment advisory subsidiaries and had
approximately $169 billion in assets under advisement and management
as of June 30, 2014. The company has operations in 27 countries.
Morningstar Asset Flows Data Service
Morningstar launched its asset flows data service, a tool for monitoring
current asset flows and market share data, in March 2009. Morningstar’s
asset flows data service enables industry professionals to review fund
flows by sector, fund type, fund group, and legal structure to analyse
investment trends and investor sentiment across the asset management
industry. It is available within Morningstar Direct,TM
the company’s global
institutional research platform, as well as Morningstar’s data feed
solution, Morningstar Licensed Data.
Morningstar also provides bespoke asset flow datasets (for specific
regions) including:
By firm: Compare inflows and outflows of a bespoke list of asset managers.
By individual firm fund flows: Diagnose month by month fund flows by
asset manager.
By asset curve: Analyse fund flows between equity, fixed income,
alternative, allocation and money market funds.
By investor reaction: Use fund flows to assess investor response to major
market events.
By country: Compare UK investor habits with a variety of domiciles
including, Australia, France, Germany, Italy, Spain, Sweden, Switzerland,
and the United States.
Morningstar, Inc.
©2014 Morningstar, Inc. All rights reserved. The Morningstar name and logo are registered marks of Morningstar. Marks used in conjunction with Morningstar products or services are the property of Morningstar or its subsidiaries.
3
3
3
3
3
195,413
309,159QQQQQ
QQQQ
QQQ
QQ
Q -32,783
-122,897
-92,539
EY’s global fund flow trends and analysis are powered by
fund data provided by Morningstar.
The EY Global Fund Distribution reports use EY’s
proprietary methodology, developed to offer a unique
perspective on global fund flows, that also considers SRRI
volatility levels, TER bands, fund categories and more.
By looking beyond changes in total net assets to looking
at estimated fund flows, asset managers and servicers
gain insight on market movements dividing fund flows
into specific fund categories and investment regions.
This information enables fund groups to better plan fund
distribution and marketing strategies.
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Theinformationcontainedhereinisnotintendedtoprovide
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