2017年-德勤全球_2018_Investment_Management_Outlook_20页_5mb

Deloitte 2018 Investment Management Outlook Summary

Core Content

The Deloitte 2018 Investment Management Outlook highlights the evolving landscape of the investment management (IM) industry, emphasizing the need for agility, innovation, and strategic transformation to thrive in a competitive and changing environment. The report outlines key challenges, growth strategies, and the role of technology and outsourcing in achieving sustainable success.

Main Challenges in 2018

• Margin Compression: The industry faces margin pressure due to the growing preference for low-cost investment solutions.
• Alpha Generation Difficulty: Active fund managers struggle to justify alpha, especially in a market dominated by passive funds.
• Operational Agility: IM firms must adapt their operating models to keep pace with regulatory, technological, and customer-driven changes.
• Changing Customer Preferences: Millennials are becoming a significant customer segment, demanding more digital engagement and tailored services.

Growth Strategies for 2018

• Organic Growth: Firms should focus on generating consistent alpha through advanced analytical techniques and alternative data.
• Inorganic Growth: Mergers and acquisitions (M&As) are seen as a key strategy for achieving scale, product breadth, and enhanced capabilities.
• Strategic M&A: Larger firms like BlackRock, Vanguard, and State Street have captured significant market share, and M&As are expected to grow in size and frequency.
• Talent and Technology Outsourcing: Outsourcing non-core functions can reduce costs and improve efficiency, especially in regulatory compliance and IT.

Key Predictions for 2018

• High M&A Deal Value: 2018 could see the highest average M&A deal value in the IM sector due to margin pressures and the need for scale.
• AI and Alternative Data Adoption: The use of AI and alternative data sources (e.g., weather forecasts, satellite imagery, social media sentiment) is increasing, with firms like Man Group PLC leading the charge.
• Cloud Computing Expansion: Cloud-based solutions are expected to gain traction, especially among smaller IM firms, as they offer agility, scalability, and cost-efficiency.
• SaaS Adoption: Software as a service (SaaS) is being increasingly adopted for middle-office functions, with the US leading in adoption rates. Front-office SaaS adoption is also expected to grow.

Action Steps for IM Firms

• Reevaluate Technology Architecture: Align with growth plans by assessing the need for more storage and processing capabilities to support AI and alternative data.
• Balance Product Portfolio: Ensure product breadth aligns with firm capabilities and investor/distributor preferences.
• Outsource Strategically: Consider outsourcing for cost containment and efficiency, especially in regulatory and compliance areas.
• Develop Management Controls: Implement controls for new processes, particularly those on rented infrastructure or managed by external talent.
• Adopt Agile Operating Models: Focus on streamlining people, processes, and technology to improve agility and cost efficiency.

Digital Transformation

• Incremental vs. Quantum Change: Some firms may make incremental changes to their digital services, while others will need to adopt more transformative approaches to meet the expectations of digital-first investors.
• Digital Strategy Gaps: Only 40% of IM firms have a clear digital strategy, and 63% report insufficient time and resources for digital initiatives.
• Long-Term Planning: Most IM firms focus on short-term digital planning (3 years or less), missing long-term trends. Only 2% have a digital strategy that extends beyond five years.
• Millennial Focus: Digital transformation is crucial for targeting Millennials, who prefer digital interactions and have lower account balances, requiring a more personalized and community-driven approach.

Conclusion

The IM industry is at a pivotal point in 2018, where firms must navigate margin compression, shifting customer preferences, and the rise of digital and passive investment solutions. Success will depend on strategic agility, embracing technology, and rethinking traditional operating models. Firms that invest in digital transformation, cloud computing, and strategic M&A are better positioned to lead in this evolving market.