Global Market Intelligence (GMI)
Putting market intelligence at the heart of successful asset management businesses
1© 2019 |
Global Market Intelligence - GMIOne platform, two modules, three core datasets
2© 2019 |
Global Market Intelligence - GMIThe largest data sharing consortium of its kind drives analysis of over $33 trillion in institutional and $42 trillion in global funds assets
AB GlobalAberdeen Standard InvestmentsAcadian Asset ManagementAegon Asset ManagementAllianz Global InvestorsAMGAmerican CenturyAmundiAQRArtemisAsset Management OneAVIVA InvestorsAXA Investment ManagersBaillie GiffordBAMLBaringsBarrow, Hanley, Mewhinney & StraussBlackRockBlueBayBMOBNP Paribas Investment PartnersBNY MellonBrightSphereCandriamCapital Group Carmignac GestionCenterSquareCohen & SteersColumbia Threadneedle
Comgest Copper Rock Capital PartnersCredit SuisseDanske CapitalDodge & CoxDWS Eaton VanceEdmond de RothschildE FundsEurizonFidante PartnersFidelity InternationalFidelity FIAMFirst QuadrantFirst StateFisch Asset ManagementFranklin Templeton InvestmentsGAMGenerali InvestmentsGMOGoldman Sachs Asset ManagementGW&KHarding LoevnerHexavestHSBC Global Asset ManagementInsight Investment ManagementInvescoInvestecJanus Henderson
JP Morgan AM JupiterKames CapitalLegg MasonLGIMLombard OdierLoomis, Sayles & CompanyLord Abbett Lyxor M&GMacquarieMaj InvestMAN GroupMatthews AsiaMediolanumMFSMitsubishi UFJMorgan StanleyMuzinich & Co.Natixis Global Asset ManagementNeuberger BermanNewtonNikko Asset ManagementNN Investment PartnersNomura Asset ManagementNorthern TrustNordeaOFIOppenheimer Funds
Oyster FundsParametricPartners Capital PictetPIMCOPGIMPinebridgePioneer InvestmentsQuoniam Asset Management RobecoRoyal London Asset ManagementSchrodersSkagen FundsState Street Global AdvisorsStorebrandSwiss & GlobalT Rowe PriceThompson, Siegel & Walmsley TIAA/Nuveen TwentyFour Asset ManagementUBS Asset ManagementUnigestionUOB Asset ManagementVontobel Asset ManagementWellingtonWells Fargo Asset Management
3© 2019 |
T1
5500
Regulatory filings
PSN
Partnership
Broadridge
Proprietary data
FundSquare
Association data
Morningstar & Lipper
Partnership
Preqin
Partnership
Global Market Intelligence - GMITo generate the most comprehensive analytics possible, we augment secondary datasets from our growing number of global data partnerships
MSCI
ESG data
4© 2019 |
MARKET ANALYTICS
BENCHMARKINGANALYTICS
DISTRIBUTION ANALYTICS
COMPETITIVE ANALYTICS
Product & StrategyEvidence strategic planning and product development
Track against targets, benchmark product characteristics & discover differentiators
Align product specifications with the clients and channels driving flows
Analyse competing products and measure the factors driving commercial performance
Distribution & SalesInform sales planning, identify opportunities and inform tactics
Analyse coverage and analyse competitive positioning
Identify prospects, distribution partners and trends in their allocations
Measure competitive advantage and inform conversations
Management & LeadershipEnable evidenced-based strategic decision making and informed business cases
Measure business performance and track against growth targets
Focus resources on the most valuable market segments
Measure the factors driving commercial performance
Research & IntelligenceEmbed robust market analytics across key business functions
Generate accurate and informed reporting on competitive position
Support sales with key consultant and distributor intelligence
Track competitors, identify disruptors and analyse competitive trends
Marketing & ClientUnderstand trends, changing client behaviour and patterns of demand
Measure campaign performance, client retention and benchmark KPIs
Understand the behaviour of strategic distribution partners
Measure your strengths and weaknesses to inform messaging
Assets, flows, fees and revenues by product,
vehicle, country, client and distribution channel
Market benchmarking and competitive positioning
by asset, flow and revenue share
Distribution channel breakdowns with named
sub-advisor and institutional consultant intelligence
Named competitive metrics including size, ratings,
growth, performance, fees and sector alpha
GMI Analytics & Functions Four analytical capabilities embedded across five core asset management functions
5© 2019 |
-210
-160
-110
-60
-10
40
90
140
Q4/2011 Q4/2012 Q4/2013 Q4/2014 Q4/2015 Q4/2016 Q4/2017 Q4/2018
Equity Index - Global Equity - Multi-factor Equity - Global EM Equity - Global
0
10
20
30
40
50
60
70
80
90
Large Cap Mid/Smid Cap Small Cap
< 50m 50 - 100m 100 - 250m 250 - 500m 500m +
US active fundamental equity Fees by mandate size True Negotiated Fee Analysis
Inst
itu
tio
nal
IM F
ee B
PS
GMI Market AnalyticsAnalyse opportunity across all products, vehicles, countries, clients and distributors
Net
Flo
w $
B
Opportunity Metrics Across Retail and Institutional Global AUM and 2018 Net-Flow ($B)
0
50
100
150
200
250
300
350
400
450
500
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cross Border Domestic Round Trip
Unique Cross-Border AnalysisItalian 3rd Party Fund AUM Growth
AU
M $
B
How do I form an effective fee strategy
and inform RFP responses?
How do I analyse market opportunity
including cross-border business?
-600 -100 400 900
FoFs Equities
Equities Emerging Markets
Bonds Asia Pacific
Equities Asia Pacific
Equities Themes
Bonds Emerging Markets
Mixed
Equities Global
Mixed Asset Allocation
FoFs Mixed
Fund Launches Fund Closures Fund Mergers
Analysis of Fund Launches & Closures May 2018 – April 2019 Fund Launches
Cumulative Institutional Equity Net-FlowTrends in Product Demand Across All Vehicles
2018 Net-Flow tree by vehicleFull global vehicle coverage
-50
0
50
100
150
200
-7,500
-2,500
2,500
7,500
12,500
17,500
22,500
27,500 AUM NetFlow
Where can I track successful fund launches,
failures and closures?
6© 2019 |
By enhancing our consortium data with the data we engineered via our partnership with Preqin, we are able to produce a comprehensive view on the Alternatives landscape.
Institutional Alternatives AUM AnalysisAUM $B
0
20
40
60
80
100
120
140
160
Q1/2014 Q1/2015 Q1/2016 Q1/2017 Q1/2018 Q1/2019
Alts - Private Debt Alts - Private Equity
Trends in Hedge Fund Net-Flow Net-Flow $B
Trends in Private Asset Capital RaisingUK Pension Capital Raised $B
3,387
2,698
1,268
530 514232
Private Equity Hedge fund Real Estate Infrastructure Private Debt NaturalResources
192
1
5
23
92
93
553
712
1,716
Other/undefined
PIPE
Hybrid
Turnaround
Expansion / Late Stage
Balanced
Growth
Early Stage / Venture
Buyout
212
35
47
63
65
67
91
91
120
137
198
329
330
396
518
Other/undefined
Alternative Beta
Market Neutral
Asset Backed
Relative Value
Commodities
FI - Multi-strategy
MA - Multi-strategy
Long Bias / 130/30
Managed futures /…
Fixed income
Event Driven
Macro / Directional
Multi-strategy
Equity
Private Equity AUMAUM $B
Hedge Fund AUMAUM $B
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017 2018
$107bn net outflow from hedge funds since Q3 2014
9
9
9
18
37
-52
-35
-31
-30
-15
-60 -40 -20 0 20 40
Alts - HF - Equity
Alts - HF - Fixed income
Alts - HF - Multi-strategy
Alts - HF - Macro / Directional
Alts - HF - Managed futures / CTA
Alts - HF - Commodities
Alts - HF - FI - Event Driven
Alts - HF - FI - Multi-strategy
Alts - HF - Alternative Beta
Alts - HF - MA - Multi-strategy
Top 5 & Bottom 5 Hedge Fund Sectors by Net-Flow Since Q3 2014 Net-Flow $B
GMI Market AnalyticsA detailed and comprehensive source of Alternatives market analytics
Where are the growth segments in the
alternatives space?
Which regions and clients are driving fund
raising for my products?
7© 2019 |
0%
20%
40%
60%
80%
100%
Highest quintile 2nd quintile Middle quintile 4th quintile Lowest quintile
GMI Market AnalyticsDetailed true fee levels, trends, discounting and benchmarking
Analysis of Fee Sensitivity% of Gross Inflow 2018 by True IM Fee Quintile
Low Sensitivity High Sensitivity
0
10
20
30
40
50
60
70
Weighted Average bps Outflow Weighted Average bps Inflow Weighted Average bps
True Fee And Break Point Benchmarks
0
10
20
30
40
50
60
70
80
< 50m 50 - 100m 100 - 250m 500m + 250 - 500m
Market Median My Median
Global EMD Separate Account BPSTrends in True IM FeeFundamental Active Equity BPS
50
60
70
80
90
100
2013 2014 2015 2016 2017 2018
The GMI Fee Module enables members to measure true negotiated fees in detailed product, client and regional segments. It also includes discounting analysis, fee level trends, benchmark analytics, and correlations with flows to allow for a better understanding of the shape of demand in different segments of the market.
Analyse the Changing Shape of DemandUS DB Pension
-5.4% 5yr CAGR
Which segments are more or less sensitive
to fee levels?
How should I price to compete effectively in
specific market segments?
8© 2019 |
My
Org
anic
Gro
wth
%
Market Organic Growth %
Detailed Competitive Positioning
0%
5%
10%
15%
20%
25%
30%
35%
40%
2014 2015 2016 2017 2018 2019
Bonds High Yield Equities Europe FoFs BondsFoFs Equities FoFs Mixed FoFs Real Estate
Market Share TrendsJapanese Pension Market Share Trend by Product
True Negotiated Fee Benchmarks
0
10
20
30
40
50
60
70
80
< 50m 50 - 100m 100 - 250m 500m + 250 - 500m
Market Median My Median
HK Pensions Global Active Equity Separate Account True Fee
Market Share AnalysisAPAC Pension Market Share Matrix (inc. Cross-Border Business)
Tru
e N
ego
tiat
ed F
ee B
PS
Mar
ket
Shar
e %
How is my business performing relative to
the competition?
Am I pricing competitively?
How am I tracking against my growth
targets?
GMI Benchmarking AnalyticsMarket share and competitive positioning
Where am I winning, where am I losing, and
how do I compare?
9© 2019 |
-300
-250
-200
-150
-100
-50
0
50
100
150
200
Jan-16 Jan-17 Jan-18 Jan-19
Bank Discount Dual Registered Independent
Private Bank RIA Retirement Retirement-5500
Trust Co Wirehouse
-50
0
50
100
150
200
-7,500
-2,500
2,500
7,500
12,500
17,500
22,500
27,500 AUM NetFlow
Detailed Client AnalysisGlobal AUM and 2018 Net-Flow ($B)
0% 10% 20%
Callan Associates
Aon Hewitt
StepStone Group LP
Mercer Investment…
Meketa Investment Group
NEPC
Portfolio Advisors LLC
TorreyCove Capital Partners…
Hamilton Lane Advisors LLC
Cambridge Associates
Named Sub-Advisor EMEA 3rd Party Sub-Advised AUM ranked by group (B$)
Named ConsultantQ4 Intermediated DB Alternatives Gross Flow (%)
0 100
BNP Paribas
Nordea AB
Russell Group
Amundi
Universal-Investment GmbH
GAM Holding
Marsh Mc Lennan Companies
St James's Place Group
Lloyds Banking Group plc
DWS
AU
M $
B
Net
-Flo
w $
B
Which channels and client groups present the best opportunity
for my products?
Am I covering the intermediaries that are
driving flows in my focus segments?
Net
-Flo
w $
B
Which distribution channels are growing for my products and in
which markets?
US Fund Distributor Net-FlowTrends in Distributor Channel
+17% 3yr CAGR
GMI Distribution AnalyticsNamed intermediary and distributor analysis
10© 2019 |
Fun
d 3
yr R
etu
rn %
Sector 3yr Return %
Performance Factor Analysis Active Flexible Bond SectorFee Quintile (BPS)
Fee Quintile (AUM %)
Fee Quintile (Net-Flow $)
Return Decile (3ry Return %)
Return Decile (AUM $)
Return Decile (Net-Flow $)
What are the factors that will enable me to compete effectively?
How can I visualise my competitive landscape?
Competitive Positioning Analysis Active Equity Fund Return vs Sector Return
GMI Competitive AnalyticsEvaluate competitive landscape, positioning and performance factors
1st Fee Quintile
2nd Fee Quintile
3rd Fee Quintile
4th Fee Quintile
5th Fee Quintile
1st Return Decile
2nd Return Decile
3rd Return Decile
4th Return Decile
5th Return Decile
6th Return Decile
7th Return Decile
8th Return Decile
9th Return Decile
10th Return Decile
Who is winning, who is losing, and what is driving
this?
11© 2019 |
Dat
a
Direct Data Access to the underlying datasets to enable members to undertake detailed analysis, modelling and integration with other datasets
Market Matrix Sizes key segments by both total and addressable assets to measure the full market opportunity and evaluate the coverage of the GMI datasets against the full market
Pla
tfo
rm
DashboardsGMI dashboards provide a powerful analytical and visualisation tool which enables members to intuitively explore and interrogate our unique datasets
Custom Reports Custom reports enable product or market analytics to be focused and aligned with our members’ strategic priorities and business structures
Benchmarks Our automated benchmarking reports provide detailed annual market share, rankings and competitive positioning metrics
Par
tner
ship Tutorials Webinars and one-one tutorials help members extract the maximum value from GMI with practical guidance, tips and support
Customisation Our team of experts work closely with our members to help them build custom visualizations and automated sales and benchmarking reports
Analytical Support Our team of analysts support members with more complex analytical queries and data issues
Pu
blic
atio
ns
& E
ven
ts
Published ReportsOur regular reports bring the GMI dataset to life by bringing together our unique analytics and our Insights work to explore the drivers of key themes and trends unearthed by the dataset each quarter
Global EventsGlobal events bring our members together and enable us to present our unique analytics, insights from our team of experts, and future development plans in a social setting
Webinar Series Regular GMI webinars are delivered by Broadridge's Insights team which can be joined live as an interactive session, or accessed at any time on the GMI platform
GMI Service and Partnership A close working relationship with our members driven by our 11 part service
20110
No part of this document may be distributed, reproduced or posted without the express written permission of Broadridge Financial Solutions, Inc.©2018 Broadridge Financial Solutions, Inc. All rights reserved. Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.