The long bear market ended nearly three years ago, but to some money managers it feels like yesterday. The fallout remains everywhere -- in sluggish asset growth, intensified competition and anemic retail inflows.
试想一下：去年机构投资者欧元100指数的总资产仅增长了6.9%，达到15.5万亿亚博赞助欧冠欧元（合186亿美元），尽管股市强劲升值——摩根士丹利资本国际（MSCI）EAFE指数上涨了10.2%，标准普尔500指数上涨了10.9%。
Unlike their American counterparts, European retail investors remain skittish about equity funds. Although U.S. stock mutual fund net inflows totaled $178 billion in 2004, just exceeding the 2000 peak of $174 billion, comparable European inflows totaled just $25 billion in 2004. That is a far cry from their 2000 peak of $190 billion.
"After the bubble burst, first-time equity investors were scared off," says Massimo Tosato, global head of distribution at London-based money manager Schroders. "It is a tremendous challenge to win over retail investors to equity again. That said, the quality players are doing well."
特别是，全球企业似乎在那些不超越家庭市场的人身上享受优势。从2004年12月到2005年6月，国内欧洲互联网市场增长了10％，从E3.0万亿到E3.3万亿;相比之下，伦敦研究公司FERI基金市场信息的说法，卢森堡市场销售跨境共同基金，并以大型全球房屋占据大型全球房屋的主导，增长23％，从E551亿e55.5亿升至26.5亿。
Though many local asset managers remain dominant in their home markets, their shares are slipping. Between December 2004 and June 2005, for example, the market share of Germany's top five locally owned managers fell from 85 percent to 79 percent.
In Italy, three local banks, Group Sanpaolo IMI, Gruppo Intesa and UniCredit Banca, controlled 60 percent of the mutual fund market in 2000. Their collective share was down to less than 40 percent. Only UniCredit, which owns U.S. mutual fund family Pioneer Investments, hung on to its just over 15 percent share.
在U.K.，外国公司控制了机构市场的50％，从1998年的15％。在荷兰，国际机构管理人员申请了40％的份额，从2000年的约10％。
在占欧洲最高级别的全球参与者中，瑞银宣称欧元100欧元的第1次排名第8岁。此外，尽管其资产增长滞后，但欧元兑美元滞后约为4个百分点：较低3％，从E1.42万亿增加到e1.46万亿，部分反映了私人银行业务的缓慢增长。
巴克莱全球投资者从第三到第二位上升，欧元100欧元的增长剧烈增长最大，资产从e846.9亿升至e1.0万亿。信贷在公司对冲基金业务中爆炸，并强劲流入其增强的指数基金（2005年10月）的增强指数基金（机构投资者）。亚博赞助欧冠
Among notable gainers is Crédit Agricole Asset Management, which moves from 16th to tenth place. Its improvement reflects the big French bank's July 2004 merger with former rival Crédit Lyonnais. The combined institutions' assets increased from E216.7 billion to E355.1 billion.
Among global firms coping with asset declines, Amvescap, at 13th, down from 12th, reports a 5 percent drop, from E295.2 billion to E280 billion. That falloff, however, reflects the fact that Amvescap reports its assets in dollars (II converted them into euros, using year-end currency rates). In dollar terms, Amvescap's assets increased, from $371 billion to $382 billion, for a 3 percent gain. Deutsche Asset Management's assets, meanwhile, fell from E567 billion to E536 billion; its ranking holds steady at 6th. The drop stems largely from E20 billion in outflows from its institutional business; in July the bank announced the sale of the business to Aberdeen Asset Management.
意大利货币管理人员发生了混合结果。Nextra投资管理人员去年报告资产下降了8％，Arca展示了6％的堕落;Nextra从36到43滴下降，Arca从77th到73次升起。今年到目前为止，Banca Intesa从其意大利共同基金业务，Sanpaolo IMI E2.3亿和Banca Nazionale del Lavoro E12亿的净流出。根据意大利共同基金协会Assogestioni的说法，通过收购先驱者获得国际专业知识和存在的unicredit Banca，净流量净额为E3.8亿。在意大利，明确地，全球公司指挥在当地竞争对手的优势。
在整个欧洲，基金经理感到越来越大的压力，他们要向客户提供一系列投资产品，包括竞争对手生产的产品，而不仅仅是自己的自有基金。用行话来说，欧洲资产管理正从封闭式转向开放式，这与美国资产管理公司在上世纪90年代末开创的道路相似。
"Clients want choice," sums up Alain Grisay, chief executive officerdesignate of F&C Management.
至少就目前而言，欧洲市场混合了美国式的开放式架构，大量第三方基金在其中出售；封闭式体系结构，仅销售专有产品；以及一个混合系统，称为引导架构（guided architecture），其中有限数量的外部资金包含在一个产品平台上。
The in-between arrangements often are the product of joint ventures. In May, for example, Italy's Banca Intesa and France's Crédit Agricole announced a E1.34 billion agreement to merge some of their asset management businesses. Crédit Agricole will own 65 percent of Intesa's struggling Nextra Investment Management, creating an entity with E430 billion in assets under management, more than enough to secure a top-ten ranking in the Euro 100. Whereas before the deal Banca Intesa had been selling only proprietary funds, it will now sell third-party funds produced by Crédit Agricole and a few other managers.
In another move toward open architecture, Germany's WestLB in September announced a joint venture between its West Asset Management subsidiary, which manages E40 billion, and the U.S.'s Mellon Financial Corp., with $738 billion. WestLB will begin selling Mellon funds, particularly global equities funds, an are in which West Asset Management has no expertise. Says Ronald O'Hanley, vice chairman of Mellon Financial in Pittsburgh and chairman of the institutional asset management group: "WestLB was looking for a partner to round out its product range for what is a formidable distribution platform. From our perspective we are always looking for privileged access to distribution."
Says Thomas Balk, president of European mutual funds at Fidelity International in London, "The only model that will work is a true separation of manufacturing and distribution and more open architecture."
门开放有多远？只有中国才能才建议摩根斯坦利伦敦的专业融资分析师Huw Van Steenis，为许多欧洲货币管理者设想引导架构。“这是关于更多选择，不是自由选择;和引导架构，而不是完全开放的架构，”梵蒂丁说。
Other observers think that domestic fund managers will succumb to increased pressure from customers to open their product rosters to rival producers. Diana Mackay, founder and managing director of Feri Fund Market Information, sees a disturbing trend for domestic mutual fund managers. Since 1999 the European market has seen a major proliferation of funds, with more than 12,000 funds launched, of a Europe-wide total of 25,000. And here's the problem for domestic managers: 88 percent of all fund sales are for products launched in the past 12 months. The only providers that are selling their backlists are the cross-border firms.
“这强调的是这些不同类型的公司所依赖的不同性质的分销，”麦凯说这些跨国公司正在通过第三方分销商销售他们的后备名单，这些分销商希望获得业绩和业绩记录。拥有自营分销权的国内公司正以任何疯狂的承诺为基础，用新基金追逐销售。如果他们失望了，这些公司将面临问题。”
Local banks and insurers are not doomed, Mackay says. But, she adds, "they will need to get smart to grow."
安盛IM如何保持优势
It is both institutional and retail -- and manages insurance assets on the side. It is the biggest pan-European property manager, overseeing E25 billion ($30 billion) in bricks and mortar. Yet it also is one of the biggest players in collateralized debt obligations, raising E9.9 billion worth of CDOs in 2004. If ever an investment firm were hard to pigeonhole, it is Axa Investment Managers.
Lest Axa IM be dismissed as willfully eclectic, it should be noted that the London-based European money management arm of the big French insurer -- Axa Group ranks fourth in the Euro 100, with E869 billion as of the end of 2004 (see table) -- is also a traditional long-only fundamental manager. What's more, it owns Axa Rosenberg, a trailblazing quant shop, and operates a joint venture with BNP Paribas, EasyETF, to sell index funds to retail consumers. On the institutional side, Axa IM is one of the biggest players in liability-driven investment, managing more than E20 billion.
Still, by rights, seven-year-old Axa Investment Managers ought to be suffering an identity crisis. However, Nicolas Moreau, its chief executive officer since May 2002, insists that the firm is as balanced as a properly allocated portfolio.
“的确，这是一个相当年轻的业务，但随着我们的成长和成熟，我们加深了团队的专业化，”安盛集团前企业融资主管表示我们称之为多专家战略，我们打算坚持并进一步发展它。我们宁愿在专业领域表现出色，也不愿在核心市场表现平庸。”
安盛集团早在1994年就开始将其资产管理业务与保险业务分离。但直到1997年4月唐纳德•布莱登（Donald Brydon）出任资产业务首席执行官后，Axa IM才开始着手处理其庞大的资产管理业务。当时，它主要由安盛在欧洲各地收购的保险公司的投资部门组成，这些投资部门缺乏重点和资金。布莱登把烂摊子整理好了。
然后在1999年，他收购了罗森博格集团（rosenberggroup），从那时起，该集团的资产增长了10倍，达到700亿美元。同年，布莱登从荷兰银行（ABN Amro）聘请债券大师罗伯特•基普里亚努（Robert Kyprianou）担任固定收益业务负责人，该业务占Axa IM资产的三分之二。Kyprianou现在是所有证券投资的负责人，他帮助推动集团进入结构性信贷投资和负债驱动管理领域；在安盛IM自2004年初刚刚募集到的近550亿欧元的净新资产中，它们合计占了250多亿欧元。
事实上，在莫罗的领导下，这位基金经理的商业胜利一直在加速。净新增资金——全部来自第三方——在2003年增加了130亿欧元；2004年，这位新任首席执行官上任的第一个全年，资金净流入急剧上升，达到290亿南非兰特。而今年新资金净流入：到8月份达到260亿欧元，比去年同期增长39%。再加上市场利好的影响，安盛IM今年的资产增加了170多亿欧元，截至8月31日已达402亿欧元。
这并不估计公司于U.K.零售业经理Framlington集团于汇丰银行股份集团汇价174,000万英镑（307亿美元）。该交易在额外的45亿英镑的资产中以及由独立财务顾问（George Lucker Aft和Nigel Thomas）的高度尊敬的两个基金经理。“对我来说，这是我们的策略的延伸，”莫鲁说。“U.K.陆上零售是另一个专业化。”其中- a.c。
在施罗德，课堂告诉我们
2001年，当施罗德披露了其200年历史上第一次年度亏损时，这座城市的幸灾乐祸几乎显而易见。这家在美国内战中为邦联提供资金的公司被许多人视为不合时宜。它的主人是一位男爵，工作人员穿着毛绒衬衫，衣领上挂着老式的领带。一年前，花旗集团（Citigroup）决定将其投行业务出售给花旗集团（Citigroup），这似乎预示着其业务将不可避免地下滑。
然而，四年后，施罗德斯正在蓬勃发展。资产管理和私人银行公司在今年的前半年飙升至1.23亿英镑（2.222亿美元），从2004年前六个月增加了69％，与2001年的亏损较高的较高率为8.1亿英镑。2002年底，资产从870亿英镑增加到1120亿英镑，营业利润率为31％，符合行业平均水平，双倍公司2002年。
转机的一个主要架构师是一个难以适应Schroders模具的人物：Massimo Tosato是一个意大利语，带有托斯卡纳葡萄园和企业家的天桥。他在1995年加入了施罗德之前的意大利基金经理Concinvest担任意大利资产管理负责人。即使作为施罗德首席执行官Michael Dobson和首席财务官JonathanSasquith也集中在削减1亿英镑，Tosato已经增长了这项业务。
1999年，TOSATO负责欧洲零售和机构业务，他很快就确定了零售业更大的机会。当时，斯科罗斯在欧洲零售资产中少于欧元（40亿美元），主要是在U.K. TOSATO决定的Schroders应该成为大欧洲银行和保险公司的批发商。
"Open architecture was beginning," he explains. "We specifically designed a product range that gave distributors a diversity of opportunity for different market cycles across cash, fixed income and equity, and across the risk spectrum."
结果是戏剧性的。2004年,施罗德(Schroders)was the best asset gatherer in equity funds, selling E5.5 billion worth and outstripping Franklin Templeton Investment Management, J.P. Morgan Asset Management and even Fidelity International. Once almost exclusively institutional, Schroders now derives 47 percent of its gross revenues from retail.
“你在施罗德看到的是一些非常艰苦的工作和长期战略思维的成果，”摩根士丹利在伦敦的专业融资分析师Huw Van Steenis说。“在公司的零售业务中，几乎每个基金都有其准则改变或经理改变或其他东西调整。它的零售业务现在蓬勃发展，是本集团的实际力量来源。”
Tosato, promoted to global head of distribution in 2003, is turning to fresh challenges. The main cause of the malaise at Schroders in 2001–'02 was a hemorrhage of U.K. institutional assets as British pension funds switched from traditional balanced managers to specialists. That attrition appears to have ended: In 2005's first quarter, Schroders reported its first positive flows from U.K. institutions in six years.
托萨托的下一个目标是美国市场。他认为，共同基金丑闻、疲软的美元和低迷的股市，以及从佣金报酬向咨询费的转变，使施罗德现在成为推销自己的有利时机。托萨托说：“我们决心在那里建立零售业务，重建我们的机构业务。”。