Power up Your PowerPoint Skills 埃森哲制作技巧及素材.ppt

Approach Although some players are global the market currently operates on a local basis - large differences exist between financial systems and structures in different regions - so though the overall answer has been looked at globally - analysis must be carried out at a local level to understand outcomes - this presentation focuses on Europe - the US is used for comparison purposes Winning has been assessed in terms of size and growth (RTS has been looked at briefly) Complexity in answering the question “who is winning the race for retail assets?” also lies in the varying accounting treatments for different financial products. e.g. deposits lie on the balance sheet whilst mutual funds lie off balance sheet but are captured in assets under management e.g. insurance lies in both balance sheet and assets under management e.g. Retail brokerage can only be captured by company accounts Added to this is the extreme difficulty in separating the retail and institutional components of an individual players asset base. The information is not commonly disclosed - in fact the well regarded Watson Wyatt PI AUM ranking list is based on an industrywide survey and they have tried and failed to separate retail and institutional components for publication. Focusing on AUM does however mitigate the factor as the institutional assets are predominantly pension funds (indirect retail assets) Therefore, the approach centres on looking at the player asset base using different measures (balance sheet assets and AUM) and looking at retail savings and investment distributions for key regions as supporting evidence Selecting the 180 players 180 players were selected to cover the world’s largest financial services players by total assets and assets under management An initial list was developed based on balance sheet assets of $20bn. Then additions were made based on assets under management based on a cut-off of $50bn (the difference in cut-off points was due to the large number of institu