Global Markets 2023
A Changing World
Sharpen Market Views, Steer Expansion
- Review Cerulli’s proprietary Global Market Rating (GMR) system to assess the attractiveness of 22 major marketplaces across the globe
- Make use of global intelligence necessary to make strategic course corrections
- Gain insight into the future of environmental, social, and governance (ESG) investing
- Understand outsourcing growth expectations, particularly among outsourced chief investment officer (OCIO) and subadvisory models
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This annual report analyzes the key manufacturing and distribution trends shaping the 22 main asset management markets that make up Cerulli’s global universe. This report includes the Global Market Rating (GMR) system, Cerulli’s proprietary evaluation of the attractiveness of markets around the globe.
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A Note from the Authors
Never Stop Innovating: Product Development Is Key to Success for Asset Managers
Justina Deveikyte, CAIA
Justina joined Cerulli Associates in February 2014 and heads the European Institutional Asset Management research practice. In her role, she is responsible for all research activities relating to institutional investors, the firm’s analysis of alternative investments, the environmental, social, governance (ESG) section, and all data-science-based activities. She also contributes to multiple strategic consulting engagements and The Cerulli Edge series.
Justina is the lead author of several Cerulli reports, covering insurance, retirement, ESG, and alternative investments. Throughout her career, she has successfully developed partnerships with industry associations and has presented at several conferences and events across the Europe.
Prior to joining Cerulli, Justina was a Financial Manager and Global Analyst at Global Food Consulting; she previously has provided professional advice on banking products, including unit-linked insurance and third-pillar pension products at SEB Bank Group.
Full biography here.
Brendan Powers, CFA
Brendan is a member of Cerulli’s Product Development practice, which focuses on trends related to asset managers’ product development and management functions. This broadly includes assessing the opportunity for product development, evaluating emerging product trends, and understanding distribution and product positioning for investment products across retail and institutional channels.
Prior to joining Cerulli, Brendan worked as a Senior Client Associate at Eaton Vance Management, focusing primarily on the firm’s exchange funds.
Full biography here.
André Schnurrenberger, CFA
Managing Director, Europe
André Schnurrenberger is the managing director of EMEA for Cerulli Associates and leads all research, consulting, and business activities in the region. Since joining Cerulli Associates, André has focused on wider distribution and product trends across European asset managers and has worked with some of the largest global investment firms, reviewing their product shelves, enhancing their business models, and helping them define strategies for future growth.
Prior to joining Cerulli, André spent 7 years at Columbia Threadneedle Investments, most recently as head of Business Management and Market Intelligence & Research for EMEA Distribution, and before that as Head of Performance. He held previous roles at UBS Wealth Management in Zurich and London, including Head of Investment Analytics and Performance.
Full biography here.
Product development and innovation will be vital for asset managers seeking to retain and win business in the coming years as the period of strong asset growth and low interest rates comes to an end. With shifting marketing and client demand, this research examines the top initiatives for managers across regions. Here is our high-level breakdown:
U.S.: In the highly competitive U.S. market, product strategy and innovation are driven by the fact that many investment products are viewed as lacking differentiation. Cerulli believes that, to satisfy the unique needs of investors, asset managers need to deliver more solutions across a broader range of vehicle structures and provide scalable solutions that can be customized at the individual investor level.
Europe: The importance of ESG criteria to Swedish institutional investors means opportunities exist for asset managers that can demonstrate a clear, transparent, and repeatable sustainable investment process. Those that can support innovative and forward-looking approaches to environmental themes will be particularly in demand among smaller pension funds seeking efficient exposures.
Asia: The mutual fund industry in the Asia-Pacific region demonstrated resilience last year, with some growth despite the volatile market environment. Opportunities for managers exist in specialized areas such as responsible investment, wealth management, and alternatives.
Gain the clarity you need to enter and expand into new markets. Our latest report, Global Markets 2023: A Changing World, analyzes the markets, regions, and products that offer the greatest growth potential.
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