Page 41 - ASSET MANAGER 11 (EN)

Führende Banken im Bereich Digitalisierung mit besserer LEADPIeNrfGorBmAaNncKeSimINVTeHrgEleDicIhGzIuTIaZnAdTeIrOenNPSeEeCrsTOR WITH BETTER
4
PERFORMANCE COMPARED TO OTHER PEERS
Europäische Top-50-Banken – KPIs der digitalen Cluster
BANKS KPI
CAPITAL MARKET KPIs
ANMERKUNGEN
COMMENTS
BANKEN-KPI
KAPITALMARKT-KPIs
RReotuErnaochnSEtqeueitryn WachEstBumITBGertor.w-Etrhgebnis ø 2013-18 Δ 2013-18
European Top 50 banks – KPIs of the digital cluster, 1) price-book value ratio
better
European Banking Study 2019 - 18
1) Kurs-Buchwert-Verhältnis; Quelle: FitchConnect, Thomson Reuters Datastream; zeb.research
1) P/BKRBaVtio
ø 2013-18
1,07x
0,90x
0,73x
• Digital leading banks
 Digital führende with significantly Banken mit deutlich
Pioneers 8,7% Challengers 6,0%
Followers 2,1%
5,1%
better performance
besserer Performance
on all KPIs consid-
bei allen betrachteten
-10,1%
ered
KPIs
• TBhesbsetrterZnauhmlebnerdser Pioneers sind
-9,6%
of the pioneers are
statistisch signifikant statistically signifi-
Costt--InInccoomme eRaRtiaotio ø 2013-18
Pioneers 59,9% Challengers 63,8%
Followers 68,2%
RetKuarpnitoalnefCfizaipenitzal Employed ø 2013-18
6,6%
5,5%
6,1%
Total Shareholder Return
Total Shareholder Return
cant
 Offen bleibt, ob
2013-18 p.a.
-0,3% -2,2%
Digitalisierung der
• It remains to be
Treiber für höhere
seen whether digiti-
Gewinne war oder ob zation was the driver
erfolgreiche Banken
of higher profits or
sich einfach die digi- whether successful
talen Investitionen
banks could afford
besser leisten konnten digital investment
-8,2%
Myths in asset management
With a higher fee structure compared to institutional busi- ness, it is often assumed that the expansion of retail busi- ness per se leads to a more profitable business model. This could not be confirmed in the study as there was no significant correlation between the share of retail business in a provider's total assets under management and its prof- it margin. Nor was there a significant correlation between the share of higher-priced, non-traditional investment strat- egies in the asset base of an asset manager and its profit margins.
Margins are under pressure
The absolute costs of asset managers have increased steadily in recent years. However, the industry's cost prob- lem was largely masked by the sharp rise in equity and bond markets during the period under review, with the re- sult that cost margins remained largely constant. A signifi- cant decline in assets, such as in 2018 and in the study's simulations with differentiated assumptions about market growth, highlights the vulnerability of asset managers. By contrast, asset management products have fallen across nearly all asset classes in both retail and institutional busi- ness over the same period. The reasons for this are obvious
and, according to the authors of the study, will further in- crease price pressure: in addition to the ongoing low inter- est rate environment, below average performance of active managers, higher cost transparency, for example through the introduction of MiFID II and increasing competitive pres- sure, mainly driven by low-cost passive ones Investment strategies.
It's worth being passive
The shift from active to passive asset management has fur- ther accentuated in recent years. In particular, the strong growth of ETFs shows how attractive passive strategies have become for investors. While passive investments now offer virtually free access to market performance, active strategies often have high product fees and a below-average performance across the board. This gives passive strategies a competitive advantage and will continue to put high pres- sure on active product fees. "Many providers now offer passive strategies and will participate disproportionately in the growth of these strategies if they are able to produce them cost-effectively,"says Carsten Wittrock of zeb.
Detailed information on the zeb Asset Management Study 2019 can be requested at www.zeb.eu/amstudyeurope.
Source: FitchConnect, Thomson Reuters Datastream; zeb.research