发帖
雷达卡
【出版时间及名称】：2010年加拿大资产管理行业展望
【作者】：TD newcrest
【文件格式】：pdf
【页数】：49
【目录或简介】：
In September 2008, we published a research report entitled Canadian Wealth
Management Play Book. Given that it was heavy on numbers, we thought it would
be useful to refresh the Play Book with more up to date stats and themes. This report
also includes an overview of the Exchange Traded Fund (ETF) landscape in Canada.
Our high level findings remain, for the most part, unchanged. We note that
our current IGM price target currently suggests a total return below our
normal BUY threshold. We will review our estimates, targets and ratings for
all the mutual fund companies after the release of February IFIC data.
1. Looking at the Canadian Financial Wealth Market with the help of Investors
Economics’ 2009 Household Balance Sheet, the message remains positive for
firms in the mutual fund and segregated fund markets. Over the next 10 years,
the assets under management (AUM) CAGR for these two segments is
expected to be 7.9% and 9.8%, respectively, outpacing Financial Wealth
growth of 6.2%.
2. We provide an overview of key trends in the wealth management industry.
Table of Contents
High Level Takeaways ............................................................................. 1
Part 1: A Look at the Canadian Financial Wealth Market ......................5
Part 2: Overview of the Canadian Mutual Fund Market ........................7
i. Banks Continue to Take Market Share ..................................................... 7
ii. Segregated Funds Drove LTF Net Inflows in 2009 .................................. 8
iii. Managed Assets and Fund Wraps are Important Products ..................... 10
iv. Appears to be a Secular Trend Away from Equity Funds....................... 13
v. Fund and Market Performance are Important for Net Flows .................. 15
vi. Operating Margins are being Squeezed .................................................. 17
vi. M&A Activity has been Limited............................................................. 19
Part 3: Exchange Traded Funds (ETF) ...................................................20
Part 4: Implications of the Harmonized Sales Tax (HST)….……………....27
Part 5: Valuation – Canadian and U.S. Mutual Fund
Companies……………………………………………………………………...28
Appendix I. Glossary: Distribution Channels.............................................31
Appendix II. Economics for Mutual Fund Businesses..................................32
Appendix III. Performance of Top 10 Funds by
Sector……………………………………………………………………………35
Appendix IV. Performance of Top 10 Funds by
Company………………………………………………………………………...38
Appendix V. Justification of and Key Risks to Target Prices…………………43
APPENDIX A. IMPORTANT DISCLOSURES................................................ 45
京公网安备 11010802022788号
