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부유층(HNW)의 자산배분 동향

HNW Asset Allocation Trends 2019

리서치사 GlobalData
발행일 2019년 04월 상품 코드 353981
페이지 정보 영문 52 Pages
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부유층(HNW)의 자산배분 동향 HNW Asset Allocation Trends 2019
발행일 : 2019년 04월 페이지 정보 : 영문 52 Pages

본 상품은 영문 자료로 한글과 영문목차에 불일치하는 내용이 있을 경우 영문을 우선합니다. 정확한 검토를 위해 영문목차를 참고해주시기 바랍니다.

세계의 웰스 매니저(자산관리기업) 조사 결과를 바탕으로 주요 20개 시장의 부유층(HNW) 자산배분 전략에 대해 검증했으며, 투자 선택의 촉진요인 등의 정보를 정리하여 전해드립니다.

1. 개요

2. 지역별 자산배분 동향

  • 세계의 HNW 포트폴리오는 충분히 다양화
  • HNW 투자자는 직접투자, 현지 통화 상품, 주식 펀드에 대한 욕구가 강하다.
  • HNW 투자자의 자산배분 선호에는 지역차이가 있다.

3. HNW 투자 촉진요인

  • 주식 보유는 자본 증가의 기회에 의해 촉진되고 있다.
  • 채권은 리스크를 꺼리는 HNWI(개인 부유층)에게 전통적으로 중요하다.
  • 현금·단기 투자 상품은 유동성을 유지하는 수단으로서 선호된다.
  • 부동산 투자에 의해 HNW 투자자는 임대료 소득에 의존하는 것이 가능해진다.
  • 다양화의 이점을 위해서는 대체 투자가 더욱 더 중요해진다.
  • 상품은 평균적인 HNW 포트폴리오에서 분산 투자가로서의 기능을 담당한다.

4. 부록

5. 도표

KSA 16.03.17

List of Tables

  • Table 1: Singapore: changes to Additional Buyer's Stamp Duty
  • Table 2: HNW investment drivers by country: equities, 2018
  • Table 3: HNW investment drivers by country: cash and near-cash investments, 2018
  • Table 4: HNW investment drivers by country: bond investments, 2018
  • Table 5: HNW investment drivers by country: property investments, 2018
  • Table 6: HNW investment drivers by country: alternative investments, 2018
  • Table 7: HNW investment drivers by country: property investments, 2018

List of Figures

  • Figure 1: 2018 was a weak year for financial markets
  • Figure 2: The average HNW portfolio is increasingly exposed to equity risk
  • Figure 3: The IMF's Global House Price Index has reached pre-crisis levels
  • Figure 4: Actively managed ETFs/ETPs

Chasing capital appreciation opportunities, HNW investors have been eager to increase their equity holdings over the past few years. While we do not expect a fall in demand for risk assets, HNW investors are looking for new means to diversify their portfolios. Overall we expect a notable increase in alternatives at the expense of fixed-income products over the coming year. However, there will be significant regional differences. Over the next 12 months we expect to see a reallocation of HNW assets as investors increasingly seek to diversify their holdings. This means wealth managers will do well to discuss the various methods that will help HNW investors diversify their portfolios. Diversification across asset classes remains the go-to approach, with too little attention given to geographical and intra-asset class diversification.

Drawing on our 2018 Global Wealth Managers Survey, this report analyzes HNW asset allocation strategies in 19 key markets. In particular, it examines the drivers behind investment choices now and over the next 12 months.

Scope

  • HNW investors in Asia Pacific are significantly more risk averse than their global peers, with an average equity allocation of 32.8%. This compares to 42.3% in Europe and 52.8% in North America.
  • 64.3% of wealth managers expect demand for alternatives to rise, while a mere 13.0% expect a drop in demand. The asset class is becoming more popular as a diversifier and as the allure of bonds fades.
  • Liquidity concerns are also driving demand for cash and near-cash products, with 61% of wealth managers expecting an increase, while demand for bonds is forecast to drop.
  • Amid growing uncertainty, the predictability of returns is driving demand for a stable rental and dividend income in the form of property and equities, calling for a focus on quality assets.

Reasons to buy

  • Understand investment trends and adjust your service proposition based on a detailed understanding of HNW investors' investment preferences.
  • Understand how to best promote investment products by learning what is driving investment choices.
  • Learn how and why investment preferences will change over the next 12 months.
  • Understand the effect increased volatility can have on investor behavior and how to minimize the risk of customers changing providers.
  • Give your marketing strategies the edge required and capture new clients using insights from our data on HNW investment drivers.

Table of Contents

1. EXECUTIVE SUMMARY

  • 1.1. Diversification should form the basis of asset allocation decisions
  • 1.2. Key findings
  • 1.3. Critical success factors

2. REGIONAL ASSET ALLOCATION TRENDS

  • 2.1. 2018 left market participants disappointed, and 2019 is making them nervous
    • 2.1.1. Challenging market conditions will provide new issues to overcome
    • 2.1.2. Equity holdings have been on the rise, leaving HNW investors exposed to significant risk
    • 2.1.3. Cash and near-cash investments are of little appeal to HNW investors, but this is changing in a number of countries
    • 2.1.4. HNW commodity exposure has reached an all-time low
    • 2.1.5. Globally the allure of property is fading, but the picture looks more varied on a country level
  • 2.2. HNW investors seek a balance between liquidity and direct market exposure
    • 2.2.1. ETFs are becoming increasingly popular
    • 2.2.2. Equities: Funds and ETFs outweigh direct holdings
    • 2.2.3. Bonds: The average HNW fixed-income portfolio is diversified, but direct investments dominate
    • 2.2.4. Cash and near-cash products: Local currency deposits prevail as part of HNW investors' cash investments, but there are exceptions
    • 2.2.5. Property: Offering REITs is a must in the HNW space
    • 2.2.6. Alternatives: Hedge funds are the favored alternative investment among HNW investors
    • 2.2.7. Commodities: Funds and ETFs are the go-to investment, but gold captures significant demand
  • 2.3. Local conditions significantly influence HNW investors' asset allocation preferences
    • 2.3.1. HNW investors in North America are significantly exposed to equity risk
    • 2.3.2. The European HNW portfolio is somewhat more diversified
    • 2.3.3. Property is deeply engrained in Asian culture, and the HNW segment is no exception

3. HNW INVESTMENT DRIVERS

  • 3.1. Fear that the bull run is coming to an end is forcing HNW investors to review their portfolios
    • 3.1.1. Diversification is a major theme across asset classes
    • 3.1.2. Uncertainty is the core issue to address in 2019 investment strategies
  • 3.2. A focus on diversification will drive demand for alternatives, but a bit of handholding is needed
    • 3.2.1. HNW investors are showing increasing interest in alternatives, while demand for fixed-income products is decreasing
    • 3.2.2. Alternatives have the potential to add further diversification, but trust and client education are a prerequisite to drive uptake
    • 3.2.3. Promoting more exclusive alternatives will drive demand for the asset class in Canada, France, and India
  • 3.3. Bulletproofing HNW investors' portfolios against increased volatility must be a priority
    • 3.3.1. Downward volatility has the potential to cause significant customer churn
    • 3.3.2. Diversification in the equity space has to become more important
  • 3.4. Providing cash management tools is a must as liquidity concerns are driving demand for cash and near-cash products
    • 3.4.1. Many investors betting on higher rates will be disappointed
  • 3.5. HNW investors are looking towards property and equity investments for a stable income stream
    • 3.5.1. The stable income from real estate makes the asset class an appealing investment
    • 3.5.2. Weak rental yields in the developed world call for a reshuffle of investors' property portfolio
    • 3.5.3. Wealth managers should put an increased focus on dividend stocks and funds

4. APPENDIX

  • 4.1. Abbreviations and acronyms
  • 4.2. Supplementary data
  • 4.3. Definitions
    • 4.3.1. HNW
    • 4.3.2. Liquid assets
  • 4.4. Methodology
    • 4.4.1. GlobalData's 2018 Global Wealth Managers Survey
    • 4.4.2. GlobalData's 2017 Global Wealth Managers Survey
    • 4.4.3. Level of agreement calculation
    • 4.4.4. Forecast demand/asset allocation calculation
  • 4.5. Secondary sources
  • 4.6. Further reading
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