Market Guide: Retail Investment Market in the Netherlands 2006

This report is most appropriate for companies looking for an overview of the retail investments markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's Retail Savings and Investments Interactive Database 2006.



Report Highlights
During 2005, despite buoyant performance of the stockmarket (25% growth in the Amsterdam Exchanges (AEX)), Dutch private investors opted for higher-yielding alternative investments, including guaranteed products, hedge funds and real estate limited partnerships. In 2005, the single largest proportion of retail mutual funds was held in equity funds (37%). This was followed by property funds (24%) and bond funds (16%). Deposits continued to account for the bulk of household savings, however. Three-quarters of retail deposits were deposits redeemable at notice, while 17% were overnight deposits. The Financial Services Act required providers and intermediaries to subscribe to a recognized arbitration board to facilitate the resolution of customer disputes. The Complaints Authority for Financial Services (Klachten-Instituut Financiële Dienstverlening, Kifid) became effective on December 1st 2005.


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Catalyst 1
Summary 1
Executive Summary 2
The Dutch retail savings and investments sector has grown at a compound annual rate of just 3.1% in the last 5 years; however higher growth is expected between 2006-2010 2
Between 2001 and 2005, the Dutch retail savings and investments market experienced compound annual growth of 3.1%, driven primarily by growth in deposits and bonds 2
Household portfolios will see increased allocations to mutual funds and equities between 2006 and 2010 2
EU legislation aimed at improving investor confidence and consumer protection imposes additional obligations on providers 2
The leading Dutch banks control more than half of the market 2
The banking market leaders are also key players in the mutual funds sector 3
4
Table of figures 5
Table of tables 6
MARKET OVERVIEW 7
Between 2001 and 2005, the Dutch retail savings and investments market experienced compound annual growth of 3.1%, driven primarily by growth in deposits and bonds 7
Retail assets account for 95% of mutual funds, but less than half of all other asset classes 7
Deposits account for more than half of the Dutch retail savings and investments market 9
Between 2001 and 2005, the retail markets for mutual funds and equities have experienced negative compound annual growth 10
MARKET FORECASTS 12
Household portfolios will see increased allocations to mutual funds and equities between 2006 and 2010 12
Deposits will continue to account for roughly half of household wealth, but retail mutual funds will be the fastest growing asset class 12
MARKET REGULATION 14
EU legislation aimed at improving investor confidence and consumer protection imposes additional obligations on providers 14
The Dutch Central Bank and the Authority for the Financial Markets regulate the savings and investments sector 14
The new Financial Supervision Act consolidates legislation on the supervision of financial services providers 15
For banks and investment companies, Basel II capital adequacy requirements imply additional investment in risk management expertise and in IT systems to calculate risk 15
EU legislation aims at enhancing investor confidence 15
Recent legislation enhances consumer protection 16
Banks, asset management companies and investment companies which belong to financial conglomerates face additional supervisory requirements 16
Proposed anti-money laundering legislation implies an additional administrative burden for banks 16
Upcoming EU legislation (UCITS directive and MiFID) facilitates market development and enhances consumer protection 17
COMPETITIVE MARKET STRUCTURE 18
The leading Dutch banks control more than half of the market 18
Domestic universal banks comprise the largest segment of the Dutch banking sector, by number 18
The top 5 banks control 54% of the banking market, measured by total assets 19
The Dutch supervisory authority licenses collective investment managers, rather than individual funds 20
Competitors in securities trading include banks and other authorized institutions 20
MARKET LEADERS 21
The banking market leaders are also key players in the mutual funds sector 21
ING Bank leads the Dutch banking sector; ING Investment Management ranks among the asset management market leaders 21
Rabobank trails the market leader in the Dutch retail banking market; the Robeco Group is a key asset manager 21
ABN AMRO ranks third among banks; ABN AMRO Asset Management offers collective investments 22
SNS Bank is the fourth largest bank by total assets 22
Fortis Bank rounds out the banking market leaders; Fortis Investments ranks among leading asset management providers 22
Delta Lloyd Asset Management is a key player in the Dutch collective investments market 23
APPENDIX 24
Asset manager / Asset management company 24
Bank 24
Collective Investment Scheme 24
Friendly society 24
Fund of funds 24
Hedge fund 24
Investment company 24
ISA 24
Non-retail market 24
Retail market 25
SICAF 25
SICAV 25
UCITS 25
Further reading 25
Savings and Investments SPP 25
Interactive Databases 25
Reports 25
Related Global Wealth Service SPP Reports 26
Interactive Databases 26
Market Reports 26
Strategic Insight Reports 26
Wealth Management Competitor Tracker 27
Ask the analyst 27
Datamonitor consulting 27
Disclaimer 27

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Table 1: Total Savings & Investments segmented by retail v institutional, EURm, as at Dec 2005 8
Table 2: Total Savings & Investments segmented by retail v institutional, in percentages, as at Dec 2005 8
Table 3: Retail Savings & Investments, segmented by asset class, EURm, as at Dec 2005 9
Table 4: Retail Savings & Investments, segmented by asset class, EURm, 2001 - 2005 10
Table 5: Retail Savings & Investments, segmented by asset class, in percentages, 2001 - 2005 11
Table 6: Retail Savings & Investments, segmented by asset class, EURm, 2006 - 2010 13
Table 7: Retail Savings & Investments, segmented by asset class, in percentages, 2006 - 2010 13
Table 8: Number of banks segmented by type, as at Dec 2005 19
Table 9: Top 5 banks by total assets, as at Dec 2005 20


Figure 1: Retail savings represent just under one-half of all deposits, and one-fifth of the equity and bond markets 7
Figure 2: Mutual funds and direct investment in equity together account for just under 40% of retail savings 9
Figure 3: Deposits consistently account for the single highest proportion of household assets 10
Figure 4: Over the next 5 years, the proportion of household assets held in mutual funds and equities will increase slightly, at the expense of bonds 12
Figure 5: Dutch universal banks account for 63% of the market, by number 18
Figure 6: ING Bank leads the Dutch banking sector 19

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