瑞信-美股-资产管理行业-美国资产管理与经纪人：论题-2019.11.5.pdf

《瑞信-美股-资产管理行业-美国资产管理与经纪人：论题-2019.11.5.pdf》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、5November2019USAssetManagers&EquityResearchAmericasBrokersThesisResearchAnalystsCraigSiegenthaler,CFA212-325-3104craig.siegenthaler@credit-suisse.comGautamSawant,CFA212-325-3422gautam.sawant@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTAN

2、TDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheob

3、jectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.AssetManagerIndustryThesisWhilewebelievemostinvestorsareunderweighttheUSAssetManagers(especiallytheTraditionals),weremainpositiveontheAltsandcautiousontheTrad

4、itionalsoverthenext12months.Weareoverweighttheseculargrowththemes(ETFs,illiquidAlts)andthesegmentswherescaleadvantagesarethemostcritical(retaildistribution,Alts,passive).Also,whiletraditionalassetmanagervaluationmultiplesarenearrecordlows,weseeearningsrisk(fromnet

5、flowsandadditionalmarketcorrections)whichpreventsusfrombecomingmorepositiveonthesector.Weexpect(1)acontinuationofthe“barbell”industryflowpattern(ETFs/PassivesandAltsfromActiveEquities/Traditionals),(2)productfeepressure,and(3)demographicstocontinuetoweighonthetrad

6、itionalassetmanagementfirmsoverthenexttwoyears.However,weseelessriskfromnewregulations(especiallyintheUS).Overthelong-term,wepreferassetmanagersthatfocusonhighgrowthassetclasseswithinthe“barbell,”whichincludes(1)ETFs(BLK,WETF),and(2)Alternatives(ARES,BX).KeyThemes

7、/Issues:(1)SecularshifttoETFs/passivescontinue:WeexpecttherecentmarketsharegainsintheUSRIAchannel,withlargeinstitutions,andinEurope,willcontinue.Aglobalmigrationtoopen-architectureretailplatformsalongwithnewregulation(RDRinUK,proposedSECFiduciaryRuleinUS,MiFID2inE

8、U,CRM2inCanada)andfocusonaggregateclientexpenselevelswillleadtoagreateradoptionofETFsinUSandEurope.Furthermore,moreinstitutionsarenowusingETFsgivenitsli