"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

1. Global fund distribution
Market intelligence: fund flows that matter June 2015
Market insight
Evolution of net assets (04/2014 — 03/2015) Distribution markets (03/2015)
** No growth figure has been calculated for CHN, CYM,
HKG, IND, and THA markets.
*** CHN and China refer to the Mainland China market.
Square scaling for market insight (03/2015)
ca.US$20b of net assets
Regional insight
EY Contacts
EY analysis is based on
fund data provided by
These heat maps illustrate the growth of the largest distribution markets
based on the variation of the total net assets held by local investors in
open-ended domestic and cross-border funds available for sale.
The rectangle’s size gives an indication of the market size in March 2015.
The rectangle’s color, the growth, is defined by the sum of flows during
the 12 month period ending March 2015 as a percentage of the total net
assets in March 2014.
“
”
0 500 1000 1500 2000 2500 3000 3500 148005000 1,500 2,0001,000 2,500 3,000 14,8003,500
Locally net assets distributed
Locally net assets domiciled
Net assets in US$b
Annual growth of local distribution markets
-12% -9% -6% -3% 0% 3% 6% 9% 12%
Regulatory
intelligence
Fund
registration
Market
intelligence
Fund
reporting
EY
GFD
Laurent Denayer
Partner, Global Fund Distribution Leader
+352 42 124 8340
laurent.denayer@lu.ey.com
France Messier
Manager
+352 42 124 8534
france.messier@lu.ey.com
To learn more, visit ey.com/GFD
Connect with us on LinkedIn
EY GFD - Global Fund Distribution
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USA
Singapore
South Korea
Japan
Mexico
Finland
Israel
Switzerland
Italy
Chile
Austria
France
United Kingdom
Germany
India
Luxembourg
The Netherlands
Ireland
South Africa
Thailand
Spain
Canada
Norway
Denmark
New Zealand
Hong Kong
Brazil
Australia
Malaysia
China***
Sweden
Belgium
Taiwan
Cayman Islands
Morocco
USA
SGP
KOR
JPN
MEX
FIN
ISR
CHE
ITA
CHL
AUT
FRA
GBR
DEU
IND
LUX
NLD
IRL
ZAF
THA
ESP
CAN
NOR
DNK
NZL
HKG
BRA
AUS
MYS
CHN
SWE
BEL
TWN
CYM
MAR
* Market share and net assets (03/2015)
53.4%
US$15,211 b*
North America
31%
US$8,442b*
Europe
7.6%
US$2,072b*
Asia**
4.6%
US$1,302b*
Latin
America**
2.8%
US$786b*
Oceania
Africa
0.6%
US$167b*
DEU
USA
FRA
CAN
GBR
CHE
ITA
ESP
SWE
NLD
LUX
IRL
AUT NOR
DNKBEL
FIN
Others
Europe
CHN**,
***
KOR JPN
TWN
ISR MYS
HKG**
SGP
IND**
Others
Asia
BRA
CHL MEX
AUS
ZAF
MAR
CYM**
NZL
THA**

2. Core
Non-core
EYGFDcoverage
EY and Morningstar
Contacts
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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,GlobalFundDistributionLeader
+352421248340
laurent.denayer@lu.ey.com
FundRegistrationServices
RafaelAguilera
ExecutiveDirector
+352421248365
rafael.aguilera@lu.ey.com
FundTaxReportingServices
MariaScherer
ExecutiveDirector
+352421247279
maria.scherer@lu.ey.com
FundReportingServices
SebastienFourny
Seniormanager
+352421248139
sebastien.founy@lu.ey.com
JohnBaker
+35227042935
john.baker@morningstar.com
TerryRosenbluth
+35227042936
terry.rosenbluth@morningstar.com
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 (GFD) 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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Fund registration
Interactive market analytics Market intelligence product
Helps you perform and monitor the effective registration and maintenance
of your UCITS, AIFs and other CIS in each targeted jurisdiction, through
our dedicated client-focused team with distribution knowledge
Provides you with country-based market and regulatory intelligence responding to essential concerns you
may have regarding investors’ appetite for foreign funds, your distribution strategy, how to register your
funds step-by-step and how to cope with local reporting and maintenance requirements
An interactive, dynamic and visual web-based business intelligence engine to define and challenge your
fund product developments and distribution strategies across 40 countries
Our Market and Regulatory Intelligent Services
• Continuously updated web-based market and regulatory intelligence
matrix, including the following information for the target distribution
markets:
• Local investors’ appetite for different fund products and strategies
• Local distribution channels
• Sales and marketing practices
• Initial and subsequent registration requirements and procedures
• Regulatory reporting and marketing requirements
• Regulatory alerts and newsletters to keep you abreast of regulatory
changes
Our Interactive Market Analytics Services
• A user friendly, online platform accessible through all devices, allowing
you to:
• Understand fund industry flows
• Compare growth rates, assets under management and fund flows per
market, product or legal form
• Create your own market analysis charts and tables, with data that
matters to you
• Export all data, graphs and tables and build your custom reports
• Analyze trends going back three years
• Identify your competitors and market share
Objective
End-to-end services to efficiently outsource the filing of regulatory
applications to regulators, collect/disseminate fund documents and
manage/monitor the fund registration process
Objective
• Country-based market intelligence matrix comprehensively describing the level of attractiveness
of the relevant target distribution markets
• A do-it-yourself practical guide to implement your distribution strategy and register your UCITS,
AIFs and other CIS for public distribution or distribute your funds on a private placement basis
Objective
• Assist your decision-making by allowing you to determine which products to distribute, in which
jurisdiction, to which category of investors and through which distribution channels
• Compare your performance with that of others in the industry
• Assess the performance of your fund per distribution market
Our Fund Registration Services
• Online fund registration platform
• For all markets not covered by the e-filing platforms, direct submission of application files to regulators
• Centralized follow-up of cross-border application files
• Ad-hoc registration and distribution related services
• Multiple dashboards with extensive functionalities, allowing you to monitor the registration status of your
funds on an ongoing basis
Fund reporting
Provides you with a streamlined fund reporting process using a time- and
cost-saving model, allowing you to enhance risk management and oversight
with regard to fund reporting obligations in various jurisdictions.
Provides you with an automated solution dedicated to the preparation of
financial statements for all types of investment funds and related companies
in various jurisdictions
Objective
• Streamline the tax reporting process and reduce
effort duplication by using a single provider
• Reduce involvement of in-house managerial
resources
• Enhance risk management, oversight and
provide information on legislative or practice
development in the context of fund tax reporting
Objective
End-to-end automated service to efficiently
outsource the preparation of financial
statements
Our Fund Tax Reporting Services
• Access to an efficient and transparent operating
model using an online Fund Tax Reporting platform
for both fund clients and fund administrators
• Proven tax reporting platform used for
coordination, data exchange, monitoring and
general ad-hoc update services
• A central point of contact to coordinate the offering
and senior country contacts at your disposal
Our Fund Reporting Services
• A central point of contact to coordinate the offering
and multidisciplinary senior team with significant
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All EY GFD services are accessible through the
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otherCIS
Globalwallchart—June2015
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