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Asset Management and AI

CFA Institute
ARTIFICIAL INTELLIGENCE IN ASSET MANAGEMENT
Artificial intelligence (AI) has grown in presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and return forecasts and more complex constraints, as this e-book documents. >more


Innovation in Financial Services

World Economic Forum
FORGING NEW PATHWAYS: THE NEXT EVOLUTION OF INNOVATION IN FINANCIAL SERVICES
Emerging technologies such as AI, 5G, DLT, and quantum are increasingly being used by financial services firms and are forming clusters that are driving innovation throughout the sector. These advances can offer new services and savings to both customers and financial institutions. While financial executives largely recognize the promise of emerging technologies, many financial services firms are still struggling to develop comprehensive innovation strategies given the sheer number of technologies maturing in the industry. >more


Asset Management and Low Interest Rate

Strategy&
COST AND GROWTH IN ASSET MANAGEMENT
Although asset management continues to boom in a low interest rate environment, the profitability of asset management firms is coming under increasing pressure. In a recent benchmarking analysis, we examined current trends and developments in asset management and its implications for German and Swiss asset managers. >more


Global Healthcare 2020

Lazard
GLOBAL HEALTHCARE LEADERS STUDY 2020
Lazard’s Healthcare Group completed its third in-depth study of global healthcare industry leaders, surveying 184 C-level executives and 37 investors across three sectors: Biopharmaceuticals; Medical Devices and Diagnostics; and Healthcare Services. >more
 


Investor Survey 2020

EY
2020 EY CLIMATE CHANGE AND SUSTAINABILITY SERVICES INSTITUTIONAL INVESTOR SURVEY
Research from the 2020 EY Climate Change and Sustainability Services (CCaSS) Institutional Investor survey suggests that ESG information has never been more important, with the majority of investors surveyed (98%) signalling a move to a more disciplined and rigorous approach to evaluating companies’ nonfinancial performance. >more


KFW-IFO_SME 2020

KfW
KFW-IFO-MITTELSTANDS­BAROMETER
The KfW-ifo SME barometer family of indicators is based on a size-class related evaluation of the ifo business surveys, from which, among other things, the well-known ifo business climate index is calculated. Every month, around 9,000 companies from the manufacturing, construction, wholesale and retail sectors as well as services (excluding banking, insurance and government) are surveyed on their economic situation, including around 7,500 SMEs. >more
 


Pension Plans

OECD
ANNUAL SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS AND OTHER PENSION PROVIDERS
The survey questionnaire covers all types of pension plans financed via pension funds and other pension providers. Where regulations vary depending on the type of plan (occupational, personal, mandatory, voluntary, DB, DC, etc), the tables identify the types of plan that the investment regulations apply to. The information collected concerns all forms of quantitative portfolio restrictions (minima and maxima) applied to pension funds at different legal levels (law, regulation, guidelines, etc). >more
 


European Banks

Deutsche Bank Research
EUROPEAN BANKS SUFFER MORE THAN US PEERS IN THE CORONA CRISIS
Large banks in Europe have taken a substantial hit from the recession induced by the coronavirus. Their revenues dropped 5% yoy in the first half of the year and loan loss provisions spiked, essentially wiping out profits. Nevertheless, the CET1 ratio increased to 14% and the leverage ratio dipped only slightly to 4.8%. Total assets surged, driven by a massive increase in liquidity reserves at central banks, a boom in corporate lending and substantial government bond purchases. By comparison, the major US banks have weathered the crisis somewhat better so far. They remained moderately profitable, despite setting aside more funds to cover future loan losses. Their revenues grew 2% yoy, a stronger headwind from the Fed’s interest rate cuts notwithstanding. Capital ratios, however, appear less resilient than in Europe. >more


Stock Markets

Oliver Wyman
ONLINE WERTPAPIER BROKERAGE
The turbulence on the stock markets as a result of the Corona crisis drove investor activity upwards and led to new record figures. Both the number of investors and transactions increased significantly. The latest developments underline the importance of securities trading as an attractive commission-based source of income for the German banking community. Oliver Wyman estimates that more than €1 billion per year is "only" for order commissions and other brokerage provider fees, and estimates - in addition to expected sustained growth of the underlying market - an annual revenue stream of around €10 billion for the broader German securities market for private households. >more


European Private Banking

McKinsey & Company
THE FUTURE OF PRIVATE BANKING IN EUROPE
In 2019, European private banks had to accept lower profits for the second year in a row despite strong gains on the financial markets. Many top executives shied away from necessary operational adjustments, although low growth and rising costs gnawed away at profits. In addition to challenges, the current pandemic has created new problems, such as increasing customer dissatisfaction and operational difficulties due to the home office situation. One in five customers of European private banks has already transferred money to another provider this year, while one third of clients expressed dissatisfaction with service standards. McKinsey's latest analysis, which covers 102 private banks in Western Europe, shows a 1.5 percent drop in profits last year to 13.3 billion euros. >more


Insurers and Recession

Bain & Company
HÖCHSTE EFFIZIENZ IN DER TIEFSTEN REZESSION: WIE VERSICHERER DIE NEUE NORMALITÄT MEISTERN
The worst recession in decades, interest rates close to zero over a long period of time and ever faster digitalization: the business model of insurers is currently facing several major challenges. The corona pandemic alone and the global economic crisis it has triggered are forcing insurance companies to act. Against this background, a structural and permanent reduction in costs in the double-digit percentage range will become a decisive lever for sustainable success in the coming years. Traditional cost-cutting programs are reaching their limits, especially since they often fail to produce the desired results across all industries. >more


Private Business Survey 2020

PwC
EUROPEAN PRIVATE BUSINESS SURVEY 2020
The COVID 19 pandemic forces German-speaking SMEs to radically reorient their corporate strategy. Several factors are decisive: first and foremost, customer focus, fast decision-making and a solid financial position. Coupled with the necessary flexibility, German-speaking SMEs can emerge from the crisis more resilient and stronger than their EU counterparts and prepare for the future. These are the findings of the PwC European Private Business Survey 2020, for which PwC surveyed 2,500 companies in 31 European countries (EU plus Norway, Switzerland, Turkey and the UK) shortly before the outbreak of the COVID 19 pandemic and 400 again in May and June. The first survey involved 580 companies from Germany, Austria, Switzerland (DACH), the second survey involved 112 companies from the DACH region. >more


European Banking 2020

Oliver Wyman
AIM FOR REVIVAL. NOT JUST SURVIVAL - EUROPEAN BANKING 2020
The Corona crisis is not stopping at the banking sector. On the contrary: European banks will have to reckon with credit losses of over 400 billion euros over the next three years. Should a second, similarly far-reaching lockdown be necessary due to a rapidly growing number of Covid-19 infected people in Europe, the losses could double to 800 billion euros. In combination with further declining earnings opportunities, this would result in a burdensome situation that the European banking system can only cope with if industry, supervisory authorities and politicians work together. >more


Wealth Management

BCG
THE FUTURE OF WEALTH MANAGEMENT: A CEO AGENDA
The wealth management industry is over 200 years old. Yet for most of that history, providers have operated according to the same general playbook. It took the massive digital and regulatory disruption of the past 20 years to begin shaking up industry business models, and evidence suggests that most providers have moved slowly, with many still adhering to traditional ways of private banking. >more


Worldwide Authorities

Oliver Wyman | International Banking Federation
BIG BANKS, BIGGER TECHS HOW POLICY-MAKERS COULD RESPOND TO A PROBABLE DISCONTINUITY
The report shows how authorities worldwide face the difficult challenge of ensuring that regulation and supervision protects consumers and systemic stability while capturing the benefits of innovation and competition. IBFed and Oliver Wyman asked a broad range of industry participants and policymakers across most major markets about their current views and what they viewed as challenges for the future. The markets included the UK, the EU, the US, Australia, Brazil, Canada, China, India, Japan, South Korea and South Africa. >more


Fixce Income Investment

Neuberger Berman
FIXED INCOME INVESTMENT OUTLOOK Q3 2020
Aggressive fiscal and monetary actions combined with better-than-expected news on the economic recovery have contributed to a narrowing of credit spreads, while central banks now appear committed to zero (or negative) rates for the foreseeable future. Given these dynamics, much of the “low-hanging fruit” previously available to investors has been removed from the market. However, we believe that significant opportunities still exist in credit markets, coming increasingly from sector and security selection. >more


Wealth Management

UBS
OWN YOUR WORTH 2020: WOMEN, WEALTH, AND THE PATH TO FINANCIAL INDEPENDENCE
According to UBS Global Wealth Management’s latest Own Your Worth report, 74% of men and 82% of women see joint participation in long-term financial decisions as a necessary step to create gender equality. The report, which surveyed 1,825 high-net-worth investors in the US, found that a significant majority believe equal participation helps women to feel financially secure, avoid future financial surprises, and feel more secure about leaving bad relationships. >more


Asset Management and ESG

DWS
HOW BEST TO MEASURE ASSET MANAGERS’ CREDENTIALS WHEN IT COMES TO ESG
If one were to name key industry-wide buzzwords in asset management over the past few years, ‘ESG’ would easily be at or close to the top of the list. In the United States, new money inflows into ESG mutual funds and exchange-traded-funds hit a record high of US$20 billion last year, almost quadruple the number in 2018; in Europe, new inflows of €120 billion into European ESG funds has increased the total assets in European sustainable funds to €668 billion in 2019, 56% higher than that in 2018. The evidence so far this year has been that this trend has continued with ESG funds and indices outperforming their parent benchmarks and ESG ETF equity flows proving to be considerably more resilient that their non-ESG ETF equity counterparts. >more


Mortgage Finance Q3 2020

Deutsche Bank Research
DEUTSCHLAND-MONITOR BAUFINANZIERUNG Q3/2020
According to the Federal Statistical Office, only 293,002 new dwellings were completed in 2019. Given the sideways movement of mortgage interest rates and presumably further increases in house prices, affordability is likely to decline in 2020. In our view, the house price cycle will last at least until 2022. >more


2020 Midyear Outlook

BlackRock
2020 MIDYEAR OUTLOOK
We quickly concluded Covid-19 would cause an unprecedented near-term economic contraction – but that an overwhelming policy response would help mitigate the damage and make the cumulative GDP shortfall much smaller than that of the GFC. As a result, we advocated taking advantage of historic opportunities in sustainability in late February and risk assets in strategic portfolios in late March. We have since turned neutral on equities in our strategic framework after the significant rally but keep our overweight in credit. Higher spread levels make up for increased default risk, in our view. >more


Football Finance

Deloitte
ANNUAL REVIEW OF FOOTBALL FINANCE 2020
The Deloitte Annual Review of Football Finance is produced by the Sports Business Group at Deloitte and is the most comprehensive review of the business and finances of English professional football, set within the context of the regulatory environment and the wider European game. The Report covers the 2018/19 season which saw English and European football reach new record levels of revenue generation. This snapshot of the peak before the impact of the COVID-19 pandemic also includes some warning signs for the challenges to come. >more


COVID-19 and Retail Banks

McKinsey & Company
COVID-19: THE NEXT NORMAL FOR GERMAN RETAIL BANKS
The coronavirus is changing the demands that private customers place on their bank. Customers seek advice in uncertain economic times, but are also increasingly turning to digital and mobile access channels. How banks can now best deal with the new challenges and opportunities. >more


German DAX and Investors

IHS Markit | Deutscher Investor Relations Verband
WHO OWNS THE GERMAN DAX?
DIRK - Deutscher Investor Relations Verband (German Investor Relations Association) and IHS Markit (formerly Ipreo), the leading global investor relations (IR) consulting and technology company, have analyzed the structural changes in the investor landscape of the DAX in the joint market study "Investoren der Deutschland AG 7.0" - "Who owns the German DAX? The main focus of the study was both the distribution and, in particular, the changes and cash flows of the institutional free float of DAX issuers in terms of geography, investment style and the most frequently used trading venues. Investments at investor group level, the importance of extra-financial criteria and investor voting behaviour were examined in detail. >more


COVID-19 and German Banks

PwC
AUSWIRKUNGEN VON COVID-19 AUF DIE WERTSCHÖPFUNGSTIEFE DEUTSCHER BANKEN
Banks play an important role in overcoming the Corona crisis. With fast loans and financial services, they are the starting point for economic reconstruction in Europe. The decisive success factors for this are accelerated digital change - both in internal and external areas - and cooperation with experienced service providers. This is shown in a new short survey by PwC, according to which banks should take up the impetus of the Corona crisis and translate it into concrete measures as quickly as possible. >more


Fixed Income Markets in China

UBS
INVESTING IN A NEW WORLD: CHINA FIXED INCOME
In a world where yields are turning negative and bond markets are becoming more volatile, China's onshore fixed income markets are an attractive option for investors. Offering attractive yields, low correlation, safe haven properties and hedging costs so far in 2020, China bonds have a strong investment case. China bonds also offer strategic, long-term exposure to long-term megatrends in China such as the rise of the RMB as a reserve currency, the growth of China's pension industry, and China's rising status as one of the world's largest economies. >more


Wealth Management

Oliver Wyman | Morgan Stanley
WEALTH MANAGEMENT: AFTER THE STORM
After 2019 capped a golden decade of growth for the Wealth Management industry, Covid-19 introduced a different reality. Our base case sees global high net worth (HNW) wealth lose more than a year of growth versus pre-Covid-19 forecasts before rebounding to growth in 2021. We see HNW wealth declining by 4 percent or $3.1 trillion in 2020, a major departure from the previous decade’s consistent annual growth trajectory. >more


Gender Diversity Impact

Neuberger Berman
GENDER DIVERSITY IMPACT: ASSESSING GENDER DIVERSITY IMPACT AT THE PORTFOLIO LEVEL
Nearly 47% of U.S. workers are women, 70% of mothers with children under 18 participate in the labor force, with over 75% working full-time. Women also own close to 10 million businesses accounting for $1.4 trillion in receipts. Yet women still face barriers from entering and staying in the workforce such as the lack of flexible work arrangements and unequal pay, among others. These barriers are universal and reducing them would have far-reaching impacts on improving economic development worldwide. >more


COVID-19 and GKV

McKinsey & Company
COVID-19 UND DIE FINANZIELLEN FOLGEN FÜR DIE GKV
Since February 2020, the SHI market has been experiencing what is probably the most comprehensive crisis in recent decades with the COVID 19 pandemic. Its social and economic consequences are still hardly foreseeable. It is precisely for this reason that legislators and self-governing partners began to draw up comprehensive resolutions and recommendations in the same month. All in all, these measures are likely to result in an additional burden for the SHI system - both in terms of income and expenditure. >more


Fintechs and Finance

Bakertilly
FINTECHS: INNOVATION ODER REVOLUTION AUF DEM GEBIET DER UNTERNEHMENSFINANZIERUNG
After years of lived aversion between FinTechs on the one hand and traditional banks and savings banks on the other hand, both sides have now come to accept the other party. Competition has largely been replaced by cooperation. FinTechs can neither displace the traditional banking and financial sector, nor are they a temporary phenomenon that will soon resolve itself due to the capital strength, market power or long-standing customer access of the banks and savings banks. >more


Current Market

May21, 20

Alvarez & Marsal
ILLIQUIDITY VS. VOLATILITY: THE TALE OF TWO MARKET DOWNTURNS
By now many articles have been written about the stress in the markets and in homes created by COVID-19 and the economic disruption. In today’s 24-hour news cycle, bad news must sell better than good news as we are inundated with negativity. With all the doom and gloom around us, I wanted to take a moment to share some positive news related to the markets and contrast that with the market downturn in 2008. The current environment although volatile is very different than what occurred in 2008. The current market seems distressed, but on great volume and is so far orderly. This has so far allowed valuation professionals to use market inputs to fair value financial instruments and that is a bit of good news. >more


Diversity

McKinsey & Company
DIVERSITY WINS: HOW INCLUSION MATTERS
Diversity wins is the third report in a McKinsey series investigating the business case for diversity, following Why diversity matters (2015) and Delivering through diversity (2018). Our latest report shows not only that the business case remains robust but also that the relationship between diversity on executive teams and the likelihood of financial outperformance has strengthened over time. These findings emerge from our largest data set so far, encompassing 15 countries and more than 1,000 large companies. >more


COVID-19 and Change

Bain & Company

COVID-19 RECOVERY: BACK TO WORK

Recoveries have always mattered in business. Some of the biggest shifts in market share occur coming out of downturns, when new industry leaders — and new industries — often emerge. Rarely, though, has recovery meant putting people’s lives at risk. The post-Covid-19 world will accelerate some existing trends and create new ones, and all business models will have to evolve in order to grow and thrive. But there’s no way to accurately predict the coming year, and it’s a dangerous mistake to rely too heavily on forecasts, which have to be complemented with highly adaptive and resilient business models. >more


COVID-19 and CFO

BCG

THE COVID-19 CFO PULSE CHECK

Global CFOs are surprisingly pessimistic about their companies’ outlooks even as some countries take steps to ease their COVID-19 lockdowns, according to a new BCG survey. In addition, respondents are less optimistic than many commentators about the likelihood of a quick economic rebound. The survey findings confirm what we have heard directly from many CFOs during our ongoing project work: they are experiencing the most challenging situation of their careers. >more


COVID-19 and Asset Management

Strategy&

INFECTED WITH COVID-19: HOW ASSET MANAGERS CAN RECOVER

The first impacts of the pandemic have hit asset managers badly. With losses above industry-average, some have seen their stock market valuations fall by more than 50%. This went hand in hand with a sharp decline in assets under management. In March 2020 alone, substantial outflows of more than USD 2 trillion have occurred. Present record volumes and a potential lack of liquidity are also putting a strain on operations. >more


COVID-19 and Insurance Industry

EY

CORONA - AUSWIRKUNGEN AUF DIE DEUTSCHE VERSICHERUNGSINDUSTRIE

The publication "Corona: Effects on the German Insurance Industry" presents possible effects of the corona crisis on individual business areas of insurance companies. It also presents possible measures that can be taken to overcome the challenges. The corona crisis affects the entire value chain of insurance companies. A holistic view of the company and a structured coordination of all countermeasures are therefore of great importance. The CEO's agenda now includes short, medium and long-term measures. Companies that, in addition to effective crisis management, also master day-to-day business and long-term transformation can emerge stronger from the corona crisis. >more


COVID-19 and Insurance Industry

Oliver Wyman

VERSICHERUNG 2030: VORWÄRTS BEI GEGENWIND

Currently, the insurance industry is much less affected by COVID19 than industries such as tourism or the automotive industry. However, the framework conditions here will also change fundamentally by 2030, far beyond the topics currently under discussion. Insurance companies will have to find answers to almost inevitable developments and also to uncertain threat scenarios. This is shown in the study "Insurance 2030" by Oliver Wyman. >more


COVID-19 and Key Industries

Andersch

COVID-19: INDIVIDUELLE AUSWIRKUNGEN AUF DEUTSCHE SCHLÜSSELINDUSTRIEN

This publication reviews consequences of the C-19 pandemic for German key industries. For each sector, it discusses how supply chains and sales are affected as well as interdependencies with other branches and macroeconomic developments. The outcome is a detailed projection of how soon sector recovery is possible contingent on several economic scenarios. >more


COVID-19 and Asset Management

BCG

ASSET MANAGEMENT IN GERMANY – THE PROBLEM GOES DEEPER THAN THE CRISIS

The COVID-19 crisis will hurt Asset Managers, but even in our worst case assumptions, it does not seem to pose an existential threat to most Fund Managers. But maybe, the real threat to the industry is not the crisis – Rather, the past 10 years of strong market growth have overcompensated most pressure points, and this lack of a “burning platform” has led to significant underinvestment in innovation and competitiveness. The current crisis may even amplify this state of underinvestment as most firms are cutting investments rapidly. >more


COVID-19 and Insurance Funds

Bain & Company

COVID-19: STRESSTEST FÜR DIE GESETZLICHEN KRANKENVERSICHERUNGEN

In the face of the coronavirus epidemic, healthcare systems worldwide are under more pressure than ever before. In the view of Bain's macro-trend specialists, the impact of the novel coronavirus has now reached level 6 on a ten-level Situational Threat Report Index (SITREP). But how does the current situation affect benefit expenditure and the management of health insurance funds in Germany? >more


COVID-19 and Banking

Morgan Stanley / Oliver Wyman

STEERING THROUGH THE NEXT CYCLE

This year's edition of the Wholesale Banking Report, which we prepared in cooperation with Morgan Stanley, outlines three scenarios for the development of the COVID 19 pandemic and its economic impact. The scenarios range from a rapid recovery to a global recession and also examine the medium-term impact on the corporate and investment banking business. >more


Blockchain 2020

PwC

BLOCKCHAIN SURVEY 2020

The financial industry considers block chain technology important, but does not invest. This is the result of the Blockchain Survey, which the auditing and consulting firm PricewaterhouseCoopers conducted for the third time among banks, insurance companies and asset managers. The results clearly show that all 302 respondents state that they have at least a basic understanding of blockchain, even if only 2 percent attribute a profound expertise to themselves. The mood among the managers surveyed is predominantly positive. A full 75 percent are convinced of the potential of the technology. >more


COVID-19 and European Banks

Deutsche Bank Research

EUROPEAN BANKS IN THE CORONA CRISIS

The banking industry in Europe is entering the corona recession with strong capital levels and ample liquidity, though still only moderate profitability. Revenues will come under substantial pressure this year, loan loss provisions will jump and net income will fall materially – many banks may well make losses. However, there is likewise massive support from the public sector, with governments propping up the real economy, central banks the financial markets and supervisors relaxing rules for banks. This should mitigate the hit. Nevertheless, the risks are profound and a prolonged shutdown could even trigger a renewed banking crisis. >more


COVID-19 and Banking

Strategy&

COVID-19 CRISIS AND THE EUROPEAN BANKING SECTOR

As the COVID-19 crisis hits the financial sector, European and German banks in particular have already been facing several challenges before and, hence, might be more vulnerable than international peers. This does not only refer to weak profitability levels, but also to high corporate leverage and loosening covenant requirements which have made CROs worry already for some time with some banks taking more caution in underwriting new business in 2019. >more


COVID-19 and CEOs

Bain & Company

A CEO PLAN FOR CORONAVIRUS: ACTIONS TO TAKE NOW

The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively. >more


COVID-19 Checklist

BCG

COVID-19 RAPID RESPONSE CHECKLIST

As the world mobilizes to mitigate the impact of the coronavirus, uncertainty abounds. One thing is clear, however: the COVID-19 outbreak underscores the need for business and society to be resilient and prepared—qualities that will be in demand long after public health has been restored. >more


COVID-19 and Business

McKinsey & Company

COVID-19: IMPLICATIONS FOR BUSINESS

The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. This article is intended to provide business leaders with a perspective on the evolving situation and implications for their companies. The outbreak is moving quickly, and some of the perspectives in this article may fall rapidly out of date. This article reflects our perspective as of March 25, 2020. We will update it regularly as the outbreak evolves. >more


ETFS Gender Equality

UBS

ETFS GENDER EQUALITY

A long-term performance analysis reveals a clear outperformance of gender-diverse companies versus the broader market. Since 2102, the Solactive Equileap Global Gender Equality 100 Leaders Index, explicitly designed to track the leading companies from a sustainability and gender-diversity point of view, has outperformed the standard benchmark (MSCI World) by 152 basis points per annum. And on the other side, as shown by McKinsey in 2015, companies in the bottom quartile for both gender and ethnic or cultural diversity were almost 30% less likely to achieve above-average profitability. >more


Global Investments Returns 2020

Credit Suisse

CREDIT SUISSE GLOBAL INVESTMENT RETURNS YEARBOOK 2020

This report is a summary edition of the Global Investment Returns Yearbook 2020, produced in collaboration with the Credit Suisse Research Institute by Elroy Dimson, Paul Marsh and Mike Staunton. With its 120 years of financial history, the publication remains the most comprehensive of sources of historical global investment returns, providing long-?run return data and risk premium estimates for 23 national stock and bond markets. This year's edition includes a new, dedicated chapter on environmental, social and governance (ESG) investing. >more


CFO

Alix Partners

THE CFO AS THE CENTRIC CHALLENGER

The CFO’s role has undergone a major evolution over the last few decades. How has this profile changed? What are the upcoming challenges and requirements for the CFO and how can you find the right candidate in the market? AlixPartners shows why and how the CFO should become the centric challenger in the organization to increase enterprise value. In addition, it is pointed out how organizations can develop themselves towards this understanding. >more


Robo-Advisors

Deutsche Bank Research

GERMAN ROBO-ADVISORS: MARCH OF THE MACHINES DRIVING PASSIVE INVESTMENTS

German retail clients have shown relatively little interest in passive investment alternatives, compared to traditional mutual funds. Robo-advisors, which primarily invest in ETFs, have seen the number of their clients and AuM grow. German robo-advisors could manage about EUR 25-35 bn in 2025, up from EUR 4 bn today. >more


Sustainable Investing

KPMG

SUSTAINABLE INVESTING: FAST-FORWARDING ITS EVOLUTION

KPMG International, CREATE-Research, AIMA and CAIA Association, examine in detail sustainability investing and its impact on the alternative investment industry. The research includes insights from 135 institutional investors, hedge fund managers, long only managers and pension consultants in 13 countries in all the key regions. >more


EMEA Outlook 2020

Deloitte

FINANCIAL MARKETS REGULATORY OUTLOOK 2020

The annual assessment by Deloitte's EMEA Centre for Regulatory Strategy examines trends and specific regulatory issues that will shape the financial services industry in 2020. The forecasts can help executives anticipate and manage the regulatory landscape in 2020. Deloitte has identified four medium-term trends, ten cross-industry topics of strategic importance, and a number of additional topics specific to each of the banking, capital markets, insurance and investment management sectors. >more


Financial Services Industry 2020

Oliver Wyman

THE STATE OF THE FINANCIAL SERVICES INDUSTRY 2020

In the financial services industry, a collision course is taking place between long-term vision and short-term performance. How companies resolve this conflict - between the desire to reposition the business for the long term and the need to remain disciplined and profitable in the short term - will determine the industry in the years ahead. This is the area of tension in which banks and other financial companies currently find themselves. Our "State of Financial Services 2020" report explains how to build the financial services provider of the future without neglecting current targets. >more


Great Family Businesses

BCG

GREAT FAMILY BUSINESSES NEED GOOD GOVERNANCE

Family-owned businesses are employers of millions of individuals globally, generators of sizable streams of tax revenue, and financial and social anchors for many communities. The families that own these businesses typically exert considerable influence over their management and operations and, as a result, their performance and survival. The decisions that these families make impact their wealth as well as the futures of the people they employ and often the ecosystems in which they operate. >more


Global Bond Yields Outlook

UBS

HIGH YIELD OUTLOOK

The recent decline of global bond yields in 2019 resulted in strong total returns across every segment of the bond market including high yield. As we begin the year, we estimate approximately 90% of the market value of the global high yield universe is trading along a historical bottom in yields. In this outlook, we explain why yields are so low and why we believe maintaining an allocation to high yield still makes sense for fixed income investors. >more


Women on Boards

MSCI

WOMEN ON BOARDS: 2019 PROGRESS REPORT

Our annual update on women’s representation on corporate boards found a noticeable uptick in 2019: 20.0% of directors were women, up from 17.9% in 2018 and 17.3% in 2017. At the current pace, a 50/50 gender split among global directors might be reached by 2044. We have added other areas of interest including market- and sector-specific corporate gender diversity issues, expertise comparison and an overview of regulatory frameworks around gender diversity. >more


Long-Term Capital Market Assumptions

J.P. Morgan

2020 LONG-TERM CAPITAL MARKET ASSUMPTIONS

The 2020 edition of our Long-Term Capital Market Assumptions (LTCMAs) was written against a backdrop of trade tension between the world’s economic superpowers and a reversal in the trajectory of global monetary policy. While these both have far-reaching and complex implications, they effectively boil down to two interconnected issues: the contour of future economic growth, which is influenced significantly by trade, and the rate at which we discount that growth in asset markets. These issues can amount to a trade-off; for instance, something that lowers forward growth might also serve to lower discount rates, muting the impact on asset prices today, and vice versa. >more


German Banking Landscape

Oliver Wyman

DIE BANKFILIALE DER ZUKUNFT

Over the past decade, the German banking landscape has been characterised by a veritable "branch death", with numerous traditional banks significantly reducing their physical presence. Between 2008 and 2018, for example, Germany lost almost a third of its branch locations with the loss of around 12,000 branches. This corresponds to a loss of a good 1,200 branches per year. In order to maintain their competitiveness, banks are being forced to completely realign their current branch strategy. It must be intelligently integrated into the channel mix of a valuable local presence and efficient online activities. >more


Investment 2020 Outlook

Deloitte

2020 INVESTMENT MANAGEMENT OUTLOOK

The changes facing many investment management firms are significant. Internally, long-standing operating models may need transformation to keep up with the competition, and digital-enabled customization is becoming a client expectation. Seeking growth in an increasingly dynamic and complex industry landscape, investment management firms may need to leave comfort zones behind to explore new or different avenues next year. >more


German Credit Institutions

Bain & Company

DEUTSCHLANDS BANKEN 2019: ERST SANIEREN, DANN KONSOLIDIEREN

The sixth bain analysis of the development of German credit institutions reveals their structural weaknesses. In a market that remains highly fragmented, earnings tend to fall, while costs remain high despite all the savings programmes. As a result, profits do not cover even the significantly declining cost of equity. >more


ETFS

Deutsche Bank Research

ETFS – A NICHE PRODUCT FOR PRIVATE INVESTORS (FOR NOW)

ETFs have gained in popularity among private investors who have expanded their ETF investment multiple times in recent years to approximately EUR 35 bn. Nonetheless, ETFs remain a niche product for private investors considering that their total mutual fund assets amount to EUR 622 bn. ETFs have been introduced as passive investment vehicles, but active ETF management is on the rise. The sustained low-interest rate environment could allow ETFs to tap into new client segments. In Q3, loans to German households were up by a record EUR 17.9 bn qoq, driven by a record surge of EUR 16.3 bn in mortgages. Deposits grew by EUR 13.6 bn – the smallest increase in seven quarters. The fact that some banks impose negative rates on deposits seems to create negative sentiment among German savers. >more


European Banks

Houlihan Lokey

OPTIMISING RISK-ADJUSTED RETURNS FROM INVESTING IN EUROPEAN BANKS

European pension funds and insurance investors are increasingly challenged by negative rates with scarcity of low-risk investment opportunities offering long-term stable return. We think a clear investment opportunity exists at each European member country level as part of an industry-wide upgrade of the IT infrastructure and branches of European banks. Such an upgrade can even be kick-started initially and customised at individual bank level. >more


Football

Duff & Phelps

ARE FOOTBALL STADIUM NAMING RIGHTS UNDERVALUED? A EUROPEAN ANALYSIS

Despite the Premier League’s status as football’s most popular league, many of football’s powerhouses are outside the United Kingdom, such as Barcelona, Bayern Munich, Juventus, PSG and Real Madrid. This analysis examined the potential value of stadium naming rights across Europe. >more


Women in Financial Services

Oliver Wyman

WOMEN IN FINANCIAL SERVICES 2020

The third edition of the Women in Financial Services study shows that one area has a lot of untapped potential: Women as customers. A better understanding and better communication with female customers could bring financial services providers annual revenue growth of more than $700 billion worldwide. It is not enough to consider women as a single customer segment. Rather, the particularities of women's lives and their needs should be carefully considered. Thus, female customer profiles differ on average from male ones, among other things in terms of income development or risk preference. >more


Corporate Banking

Strategy&

NEXTGEN CORPORATE BANKING: WIE BANKEN FIRMENKUNDEN IN DER KOMMENDEN DEKADE BEGEISTERN

In order to secure and expand market success in the corporate customer business, banks will have to consistently orient themselves strategically to the needs of their customers in the coming years. New players such as FinTech and Big-Tech providers are attacking above all small and medium-sized enterprises (SMEs), while foreign banks are increasingly targeting upper medium-sized enterprises, large customers and multinationals. Increased competition across segments for a largely stagnating market demands clear differentiation from banks and at the same time increases the pressure to innovate. >more


Global Retail Banking 2019

BCG

GLOBAL RETAIL BANKING 2019: THE RACE FOR RELEVANCE AND SCALE

The future of retail banking starts with the customer. More people are demanding simple, trustworthy products and services from financial institutions—or other companies offering similar services—that put them first. They want seamless digital banking solutions embedded in their daily lives. The combination of these expectations and technology-enabled solutions is fundamentally challenging the advantages of traditional banks (such as branch networks, trust, loyal customer bases, and proprietary data) and opening opportunities for newcomers. >more


Low Number of Shareholders in Germany

Deutsche Börse

ZUM RÄTSEL DER GERINGEN TEILNAHME AM AKTIENMARKT IN DEUTSCHLAND

The Frankfurt School of Finance and Goethe University were commissioned by Deutsche Börse to examine the background to why the number of shareholders in Germany is particularly low by international standards. The results of the study "Zum Rätsel der geringen Teilnahme am Aktienmarkt in Deutschland" are now available and show that fear of an economic catastrophe, general fear of loss, too little wealth, too little financial knowledge as well as a lack of confidence in the stock market and fear of fraud are the most widespread concerns of non-shareholders about a stock investment. >more


Open Banking

Roland Berger

PSD2: HOLPRIGER START FÜR OPEN BANKING

The vast majority of European financial institutions (81 percent) see the second Payment Services Directive (PSD2), which came into force in the EU on September 14, as an opportunity. However, most banks are still reluctant to take advantage of the new opportunities: only around one third (35 percent) of banks have so far positioned themselves to take on the role of a third-party provider. These are the key findings of Roland Berger's study "Adapt or die? Why PSD2 has so far failed to unlock the potential of Open Banking". The publication included interviews with over 40 leading banks, third-party providers and large technology companies in twelve European markets. >more


Payment Methods

Deloitte

THE FUTURE OF PAYMENTS

In just a few years, digitization in conjunction with the mobile revolution has fundamentally changed the market for payment methods in the retail business. Everywhere in the world, new companies have conquered the market with offers beyond the traditional payment instruments of the credit industry. Payment with cash, from a current account - for example by bank transfer or direct debit - or by card is increasingly losing out to these new alternatives. In a short period of time, hundreds of new offers have emerged worldwide, which are either already market leaders in their local markets or are preparing to become so soon. >more


Private Households and Banking

Deutsche Bank Research

PRIVATE HOUSEHOLDS IN GERMANY: REGIONAL DIFFERENCES IN BANKING

In the lending and deposit-taking business with retail customers, there are substantial differences between the federal states. 30 years after the fall of the Berlin Wall, per capita loan volumes in east Germany are significantly lower than in the west. The latter, in turn, is characterised by a certain north-south divide. Savings banks have a market share of 25-35% throughout the country, whereas cooperative banks have a much stronger presence in the south and west than in the east and north. The large banks achieve an above-average market share of 20-25% in the city states and east Germany. The spread between the federal states is smaller for deposit volumes than for credit volumes. Primarily the savings banks, cooperative banks and other commercial banks have to cope with a considerable deposit overhang and thus an "investment plight" in the negative interest rate environment. >more


Chinese Asset Management Market

Roland Berger

ASSET MANAGEMENT: CHINA IS LIBERALIZING ITS FINANCIAL SERVICES

Only 6 percent of global assets under management originates from China while almost half comes from North America (47 percent). However, the Chinese asset management market has grown faster than the global market in recent years. Thanks to the ongoing liberalization of financial services and the recent regulatory changes in this sector, access to the asset management market is improving significantly for foreign players. Now is the right time for foreign asset managers to reassess their strategic options in China. >more


Salaries of Management Boards

Ernst & Young

MIXED COMPENSATION BAROMETER 2019

The management boards of German listed companies suffered salary losses in 2018. On average, they earned 2.09 million euros - 0.5 percent less than in the previous year. Their remuneration has thus reached a six-year low and is around 30,000 euros below the 2013 peak. Over the period from 2013 to 2018, there was a decline of 1.5 percent across all DAX segments. >more


European SME Survey 2019

KfW Research

EUROPEAN SME SURVEY 2019

More than one in two European SMEs consider the use of new digital technologies necessary to secure their competitiveness. Many small and medium-sized enterprises have not yet made much progress here due to a number of digitalisation hurdles, including insufficient digital infrastructures and a lack of digital competency, both in the business itself and on the external labour market. >more


Successful Supervisory Board

Boston Consulting Group

WAS ERFOLGREICHE AUFSICHTSRÄTE TATSÄCHLICH ANDERS MACHEN

What makes a supervisory board successful? How can the Supervisory Board make a valuable contribution to the company? In the largest survey to date of 120 German and Austrian Supervisory Board members, we conducted a statistical survey for the first time to determine what actually distinguishes the work of the most successful Supervisory Board members. The results are clear: Successful Supervisory Board members stand out in particular through effective teamwork and a strong strategic focus. >more


Banks and Digital Security

Strategy&

OPEN BANKING

Although Europe is a leader in payment standards and data protection, several hurdles are preventing the breakthrough of open banking: a fragmented payments landscape, structural barriers, a strong focus on data protection and insufficient industry innovation. The opportunities for financial services companies have long been clear, but European banks and payment service providers have not yet taken advantage of them. >more


Banks and Digitization

Bain & Company

AS BANKS PURSUE DIGITAL TRANSFORMATION, MANY STRUGGLE TO PROFIT FROM IT

Many banks spend enormous sums on digital initiatives without achieving the expected results. This is particularly true for the migration of customers to lower-cost digital channels. But technology alone will not solve the problem. Banks need to mobilize their customers. >more


Banking Business

Oliver Wyman

FINANCIAL NEEDS-RESEARCH ABOUT BANKS

Traditional financial service providers are facing increasing competition from the neo-banks, most of which have emerged from start-ups. Younger and tech-savvy customers in particular are increasingly conducting their banking business via innovative FinTechs. At the same time, many established financial institutions still have some catching up to do in terms of digital transformation. However, the traditional banks still have the chance to prevail over the innovative newcomers. >more


Global ETF

J.P. Morgan

GLOBALE ETF STUDIE 2019

This survey is one of the most comprehensive ETF studies to date and covers 240 institutional investors worldwide. The results show that professional investors expect their ETF allocations to continue to rise, with passive, growth-oriented strategies the most popular. Investors appreciate the low cost and flexibility of trading ETFs, but see potential liquidity bottlenecks as a risk. Market volume is the most important trading criterion. >more


2020 Real Estate Outlook

Deloitte

2020 COMMERCIAL REAL ESTATE OUTLOOK

Deloitte sees a great urgency for the Commercial Real Estate (CRE) sector to prepare itself technologically and conceptually for the coming decade, despite optimistic market sentiment. In the face of increasingly demanding tenants, investors and owners, real estate companies should strive for exceptional rental experience and make more intensive use of digital technologies. Using these technologies intelligently, responsibly and security-consciously is becoming a competitive standard for CRE professionals - as is the generation and analysis of data and the use of data-supported AI applications to identify developments, risks and opportunities even earlier and more reliably. >more


Audit Committees

Ernst & Young

A VIEW ON THE CURRENT AND FUTURE ROLE OF AUDIT COMMITTEES - IMPACT FOR GERMANY, SWITZERLAND, AND AUSTRIA

In view of digitalization, new regulatory requirements and a public focus on sustainability, companies are increasingly facing new challenges - and the demands on management and supervisory bodies are changing accordingly. This is the result of the current study "A view on the current and future role of Audit Committees" by the auditing and consulting firm EY. Audit committee members in Germany, Austria, Switzerland, France, Italy, the Netherlands, Sweden and the United Kingdom as well as corporate governance experts were surveyed. >more


European Banks Q2 2019

Deutsche Bank Research

BETTER Q2 RESULTS PROVIDE SOME RELIEF TO EUROPEAN BANKS

Improved performance in the second quarter has given European banks hope that 2019 may still end on a more conciliatory note and that longer-term prospects are not quite as gloomy as some fear. In H1, net interest income rose year-over-year, despite unrelenting margin pressure. Other revenue components were mixed, with fee and commission income disappointing again. Loans and total assets in general increased. Banks cut expenses further, while loan loss provisions picked up from record lows. In the end, profitability and capital levels remained largely stable. Once more, the transatlantic gulf in performance widened slightly, as US banks reported another rise in net income to a new all-time high. >more


Climate Change and Corporates

Deutsche Bank Research

CLIMATE CHANGE AND CORPORATES: PAST THE TIPPING POINT WITH CUSTOMERS AND STOCKMARKETS

Companies drag their heels on climate change because many managers believe that for the planet to win, profits must fall. This report argues the opposite using evidence from both the stockmarket and our own primary research into the unexpected shift in customer purchase habits over the last 12 months. >more


Global Family Office

UBS

GLOBAL FAMILY OFFICE REPORT 2019

Our 2019 Global Family Office Report reveals the latest survey results on the performance and insights from 360 family offices globally. For the first time, family offices also shared their views on broader issues – spanning politics, the economy and climate change. Another new section is dedicated to regional trends for family offices in North America, Europe, Asia-Pacific, and the Emerging Markets. >more


European Banks

Bain & Company

HOW EUROPE’S BANKS CAN RECAPTURE THE CAPITAL MARKETS BUSINESS AT HOME

European banks are struggling to keep up with US banks in the capital markets business, and without a major course change, they will see their share and overall prospects decline further. For capital markets as a whole, we forecast a base-case scenario in which global revenues will grow by 5% to $231 billion by the end of 2021, led by the fixed-income and M&A businesses. >more


Capital Market Expectations

UBS

SLOWER GROWTH AND MARKET PERFORMANCE: FIVE-YEAR CAPITAL MARKET EXPECTATIONS

UBS Asset Management’s Investment Solutions team conducts ongoing macroeconomic research to develop our baseline five- and 10-year return expectations. Drawing on the breadth and depth of expertise provided by more than 100 professionals and an over-36-year asset management track record, our capital market expectations quantify risk/return expectations for a broad set of asset classes, incorporate current market and economic conditions and provide a key component for modeling a portfolio’s strategic asset allocation. >more


Transforming Business

Bain & Company

TRANSFORMING BUSINESS FOR A SUSTAINABLE ECONOMY

Climate change, unfair labor practices, corruption and other sustainability issues have become daily fixtures in newspaper headlines—and are rapidly taking their place alongside financial targets as top CEO priorities. Yet, the more that leaders work toward their early sustainability commitments, the more they discover how much further they need to go to prepare for a future where competitiveness and sustainability are inseparable. As sustainability best practices become more widely adopted, pioneering firms are taking a giant leap. They are pursuing the next practices that will allow them to achieve step changes in their business while helping to deliver a truly sustainable next economy. We believe that those who move first will unlock significant business benefits. >more


Ranking and Market Capitalisation

PwC

GLOBAL RANKING OF THE TOP 100 PUBLIC COMPANIES BY MARKET CAPITALISATION

This unique report ranks the top 100 global companies by market capitalisation and compares how the list has evolved since 2018 and over the past ten years, from March 2009 to March 2019. It identifies the risers and fallers, looks at regional and sector dynamics and provides a view on how the global landscape has changed. >more


Cybersecurity Incentives for Investments

The World Economic Forum

INCENTIVIZING RESPONSIBLE AND SECURE INNOVATION PRINCIPLES AND GUIDANCE FOR INVESTORS

This report proposes an innovative focus on cybersecurity incentives for the investment community. Investors in innovation and technology-driven companies have a responsibility to ensure that cybersecurity is given priority in the early stages of product development. By ensuring cybersecurity from the outset – including features like security-by-design and security-by-default – investors can increase the likelihood of company success in the long term, promote more durable technology and improve overall cyber resilience. This report proposes principles for investors that will raise their internal cybersecurity awareness and offers a complete framework enabling investors to assess the cybersecurity preparedness of their target company. >more


Development Banks

Roland Berger

HOW DEVELOPMENT BANKS CAN CLARIFY AND REALIGN THEIR MISSIONS

Development banks play an important role to combat the absence or failure of market mechanisms, advance specific public policy goals or support wider social and economic development in their countries. Although this model has a successful track record megatrends such as digitalization, globalization, climate change and migration giving rise to new priorities and change the market environment development banks operate in. Therefore they have to adapt too. Times are changing – and so are the challenges that development banks have to face. >more


Banking and Profit

Oliver Wyman

PROFITABILITÄTSSTEIGERUNG IM BANKEN-, PRIVAT- UND GEWERBEKUNDENSEGMENT

The private and commercial customer segment in Germany will remain challenging for the majority of market participants in 2019. Parallel to the sustained change in market structures, the available revenue pool is stagnating at around EUR 60 billion and is forcing profitable bank participants, e.g. in the direct banking segment, to continuously develop their business and operating models. >more


Cost-Cutting Measures

Deloitte

WACHSENDER DRUCK UND NEUE ANSÄTZE: DELOITTE–STUDIE 2019 ZUR STRATEGISCHEN KOSTENTRANSFORMATION IN DEUTSCHLAND

Restructuring, job cuts, divestments: German companies are increasingly reacting to the gloomy economic situation with cost-cutting measures. But the will to save is not enough. As the current Deloitte study on cost management shows, the measures only achieve the savings targets they have set themselves in 11% of the cases. One explanation for this problem lies in the conservative, incremental approach to cost reduction in many companies in Germany. For an effective and at the same time forward-looking cost transformation, on the other hand, it is advisable to take the step towards courageous, disruptive measures.  >more


Cryptocurrencies

Accenture

THE (R)EVOLUTION OF MONEY: BLOCKCHAIN EMPOWERED CRYPTOCURRENCIES

The rapid price movements of Bitcoin, Ether and Ripple have fueled headlines across the globe recently. With this price volatility, it’s fair to say that blockchain powered digital currencies may not be ready for prime time. But their disruption of the current financial system is inevitable. Cryptocurrencies are creating a money revolution. The Accenture report “The (R)Evolution of Money: Blockchain Empowered Cryptocurrencies” takes an in-depth look at how cryptocurrency will disrupt the market as we know it and provides a road map for central banks and leading financial institutions to help lead this money revolution. >more


Digital Transformation and Financial Sector

Oliver Wyman

DIGITAL TRANSFORMATION OF THE FINANCE FUNCTION

Oliver Wyman - Driven by the advancing digitalisation, there is a risk for the finance function that it will be downgraded to a support function. By redefining value contribution, the financial sector can seize the opportunities offered by digitization to become a digital driver that shapes the digital landscape of the entire enterprise. This study offers practical insights and practical steps on how finance can become the digital driver of a company. From our perspective, it's about communicating the vision clearly, strengthening agile teams, leveraging the opportunities of Big Data and AI, starting small and growing fast. >more


Global Fintech 2019

Ernst & Young

GLOBAL FINTECH ADOPTION INDEX 2019

Financial technology (FinTech) adoption among consumers has nearly doubled over the past 18 months, according to the latest EY Global FinTech Adoption Index, and the adoption rate is growing faster than anticipated. Globally, 64% of digitally-active consumers across 27 markets use FinTech, and awareness is even higher. This year, the EY organization added the first-ever Small and Medium-Sized Enterprise (SME) FinTech Adoption Index given FinTech’s expansion beyond consumers. EY member firms surveyed more than 1,000 organizations in five countries and found that one-quarter of organizations have used at least one FinTech across the following four categories in the past six months: banking and payments, financial management, financing and insurance. >more


Robo Advisers

Bain & Company

ROBO ADVICE HAS STALLED, BUT WEALTH TECHNOLOGIES STILL HOLD PROMISE

The wealth management industry has been under significant profit pressure since the global financial crisis. The disruptive threat from robo advisers has not occurred, and the promise of vastly more assets under management by robo programs has not materialized. Instead, wealth technologies are starting to gain traction for the next generation of hybrid adviser-based solutions. >more


Fintech H1 2019

KPMG

THE PULSE OF FINTECH: H1 2019

Both the number of global fintech deals and the total global investment in fintech dropped in H1’19, driven primarily by the lack of mega deals like 2018’s $14 billion raise by Ant Financial and the $12.9 billion acquisition of Worldpay by Vantiv. Despite the lack of blockbuster deals, the fintech market globally remained relatively strong and well poised for growth. >more


Bank Performance

Bain & Company

WHY BETTER PERFORMANCE MANAGEMENT SPURS BANKS TO DELIVER MORE VALUE

Large banks in Europe and Asia-Pacific are under pressure from investors to deliver more value and from regulators to justify their business models. Their returns on equity and price-to-book ratios lag their peers in North America. For most banks, the way they manage performance is not up to the task. Too often, performance management is fragmented among business units and regions, which makes it difficult to optimize profitability or create value for the entire group. >more


Rules for Venture Capital

Bain & Company

FIVE THINGS COMPANIES GET WRONG ABOUT CORPORATE VENTURE CAPITAL

Hundreds of companies are setting up corporate venture capital arms, hoping to tap into the foresight, energy and promise of technology innovators. Unfortunately, many squander the opportunity by managing these VC efforts the same way they would manage an M&A or business development unit—that is, too cautiously. Venture capital works best when it plays by a set of rules that are higher risk than most corporate executives are used to. VCs invest in innovations that are far from product-ready, and many fail to pan out—the price of developing unproven ideas. Corporate VC executives must be given latitude and permission to risk failure. >more


Global Crisis 2019

PwC

GLOBAL CRISIS SURVEY 2019

PwC’s first-ever Global Crisis Survey is the most comprehensive repository of corporate crisis data ever assembled. PwC heard from 2,084 senior executives in organisations of all sizes, in 25 industries, and across 43 countries — 1,430 of which had experienced at least one crisis in the past 5 years, for a total of 4,515 crises analysed overall. What they found out is game-changing. By delving deep into the real-world experiences of organisations like yours, they uncovered some surprising findings, many of which turn the basic notion of crisis management – in fact, how we even think of crisis – on its head. >more


Corporate Treasury and Technology

Deloitte

DRIVING THE CHANGE – TECHNOLOGISCHE TRANSFORMATION IM CORPORATE TREASURY

In recent years, the technology-driven transformation of Corporate Treasury has gained rapid momentum due to the enormous development of products and innovations. With extensive functional enhancements to treasury management systems, complex analysis and forecasting options, extensive data visualization options and automation technologies, the treasurer is provided with a whole range of powerful new tools to meet the dynamic requirements of digitization and further develop the treasury. >more


AI and Financial Services

Roland Berger

AI AND FINANCIAL SERVICES: HOW BANKS AND INSURERS CAN TACKLE THE BIG BUZZ

Artificial intelligence has become a very real part of life. Also, the financial services industry is no stranger to the technology. As in other industries, the possibilities in financial services are many and varied, but most companies are just getting started with a process that is set to turn the industry on its head. Many banks and insurance companies are busy testing use cases such as chatbots and AI-based fraud detection solutions. But now it is time to launch the next phase: financial service firms need to develop a clear path forward on how to successfully integrate AI into their business model. >more


Insurtech 2019

Oliver Wyman

ZUKUNFT VON INSURTECH IN DEUTSCHLAND: DER INSURTECH-RADAR 2019

What trends and changes are observable in the InsurTech industry this year? Oliver Wyman examines this question in the current "InsurTech-Radar 2019" and sheds light on what developments have taken place since the last radar at the end of 2017, how the market potential and chances of success for start-ups are and what forecasts Oliver Wyman is making for the future of InsurTech. >more


Board Diversity

Mergermarket / Toppan Merrill

THE RISING IMPORTANCE OF BOARD DIVERSITY

Many prominent shareholders, such as institutional investors and PE firms, are putting pressure on the companies they own to report on the diversity characteristics of their board members and to increase the number of women and other groups on their boards. And while many companies are responding to this pressure and creating roadmaps to improve their board diversity, significant barriers remain. To find out how companies are currently approaching the issue of board diversity, Toppan Merrill commissioned Mergermarket to speak with three leading experts as well as one public company executive. >more


Bank Strategies

Deloitte

DIE ZUKUNFT DER FINANZFUNKTION IN BANKEN

The advancing digitalisation increasingly influences our daily routine, our communication behaviour and the networking of markets, companies and customers. At the same time, new competitors are entering the market who are agile and data-based in order to offer customers a positive and comprehensive experience with new services and products. Banks must therefore adapt their strategies and business models. What consequences will this have for the future of the finance function in banks? >more


Global Wealth

Oliver Wyman / Deutsche Bank Research

GLOBAL WEALTH MANAGERS: OUT OF THE PIT STOP - INTO THE FAST LANE

Oliver Wyman and Deutsche Bank have released their fourth annual wealth management report, in which they provide an overview of recent industry trends and the outlook for future developments. Wealth managers faced growing headwinds in 2018, with global high-net-worth wealth growth slowing to 4 percent. Lower AuM growth, more challenging markets and continued fee compression led to declining wealth management business valuations. The revenue pressure felt by wealth managers in late 2018 highlights the continued vulnerability of operating models to market stress. The rebound in early 2019 brought short-term relief for some but further pressure is inevitable as the end of the cycle approaches – wealth managers must take action. >more


Banking and Artificial Intelligence

Deutsche Bank Research

ARTIFICIAL INTELLIGENCE IN BANKING: A LEVER FOR PROFITABILITY WITH LIMITED IMPLEMENTATION TO DATE

Artificial intelligence (AI) is a significant step forward in the digitalisation and transformation of modern businesses. Investors are lining up to be part of the imminent change. AI attracted USD 24 bn in investments globally in 2018, a twelvefold increase since 2013. Within Europe, Germany, France and the UK are the frontrunners in experimentation and in the implementation of AI. Similar to earlier examples of information technology (IT) implementation in financial services, AI promises great efficiency gains and potential revenue increases and its potential contribution to bank profitability should not be underestimated. >more


Global Wealth

The Boston Consulting Group

GLOBAL WEALTH 2019: REIGNITING RADICAL GROWTH

The steady rise in global wealth growth came to a sharp halt in 2018. Gains in global personal financial wealth tumbled by more than 5 percentage points year on year, the weakest performance in the past half-decade. The fourth-quarter dip in major stock indexes pulled down equities and the large regional portfolios tied to them. High valuation levels, geopolitical risks, and the challenges of returning to normal interest rate levels also contributed to the decline. >more


Corporate-Startup

The Boston Consulting Group

AFTER THE HONEYMOON ENDS: MAKING CORPORATE-STARTUP RELATIONSHIPS WORK

Accelerating market forces are pressuring even well-established companies to innovate and tap new markets in order to stay ahead of the competition. While many corporates have been content to pursue internal, incremental change in response to global competition and disruptive technologies, others have boosted their innovation engines by collaborating with startups. These relationships give corporates access to startups’ creativity, new ways of working, and proficiency with new technologies. Such relationships often start out very positively, with a heady honeymoon period during which both sides enjoy some early successes. Over time, however, frustration can set in as one or both partners wake up to the reality that they are not achieving all of their hopes and expectations. >more


Largest Companies Worldwide

Ernst & Young

TOP 1.000 WELT: DIE WELTWEIT UMSATZSTÄRKSTEN UNTERNEHMEN

While the largest North American companies were able to increase their sales by an average of 9.0 percent last year, the sales growth of major European companies averaged only 4.3 percent. Asia's large companies achieved growth of 8.4 percent. And Europe's top companies are also losing ground in terms of profit growth: in 2018, they were only able to increase their operating profit by 3.9 percent, while the US and Asian groups grew more than twice as fast at 8.1 and 9.8 percent, respectively.  >more


European Retail Banking

Strategy &

GETTING THE BALANCE RIGHT: HOW EUROPEAN BANKS CAN MAXIMIZE THEIR FULL POTENTIAL IN RETAIL

A decade after the financial crisis, many European banks are still struggling in their retail businesses with an environment of low interest rates, a shrinking branch network, stiff competition and high acquisition costs for new customers. Such pressures have banks focused largely on maintaining a low cost-to-income ratio (CIR) – that is, keeping costs as low as possible while trying to grow market share. This approach has led banks to focus insufficiently on “per customer” performance metrics, which are a better measure of profitable long-term customer relationships with staying power. That is important, because doing higher margin business with existing customers is the most promising path to profitable growth over the long term. >more


Digital Finance

White & Case

RISE OF DIGITAL FINANCE: TOKENISING MINING & METALS ASSETS

Rapid advances in blockchain technology are reinventing the way companies operate and deliver products and services to their clients. These changes are particularly visible in the mining & metals industry, a sector that has been traditionally slow in adopting technological innovations. Yet blockchains and smart contracts, which to this point the sector has focused on as a source of productivity and transparency gains for the mining & metals global supply chain, could herald new sources of finance too. Miners face a persistently challenging environment to raise equity and equity-like capital to fund ventures. >more


Commodity Trading

Oliver Wyman

COMMODITY TRADING GOES BACK TO THE FUTURE

The combination of unprecedented political uncertainty, trade wars, and rapidly evolving technologies is making commodity markets almost as unpredictable as they were during the financial crisis. But the chances of repeating the industry’s most profitable year to date are remote. Black and grey swan events will continue to result in intermittent spikes in volatility. But these will only provide temporary relief from the relentless erosion in trading margins that started in 2014. In fact, we estimate margins could likely decline by at least another 15 percent over the next five years as commodity markets become more stable and more transparent and competition becomes more intense. >more


Insurtechs

Bain & Company

INSURTECHS ON THE RISE

The digital revolution that has upended so many industries has been relatively slow to take hold in life and health insurance. But things are changing. In all the world’s major markets, insurtechs are springing up to challenge incumbent life and health insurers. While the number of life and health insurtechs is still small, it is growing rapidly, posing a significant threat to established players. >more


Global Pensions

J.P. Morgan

GLOBAL PENSIONS ASSESS A CHANGING INDUSTRY

As institutions move from traditional Defined Benefit (DB) to Defined Contribution (DC) plans, trustees and board members are striving to increase participation and engagement while still retaining a strong focus on meeting their funding obligations. Plan design, corporate governance and the changing attitudes of millennials also put performance, transparency and ESG in the spotlight. Our polling reflects the views of representatives from 56 institutions, representing 14 countries and nearly US$1.2 trillion in pension assets. >more


Private Markets

BlackRock

THE CORE ROLE OF PRIVATE MARKETS IN MODERN PORTFOLIOS

Making effective use of private assets is increasingly important for institutional investors. Our work indicates that many of them have room for relatively large allocations, depending on risk tolerance and their specific objectives. With private equity in particular playing a key role in many portfolios, we also offer a new method of estimating PE returns. >more


Banking Survey

Deloitte

BANKING-ANALYTICS SURVEY

German banks and financial institutions are undergoing digital upheaval and are confronted with regulatory challenges. Ad-hoc enquiries and reporting are a central focus here and can be constantly simplified through the use of data analytics tools. The Banking-Analytics Survey focuses on the German banking market and surveys the current situation, the possible uses of analytics tools, necessary prerequisites for the integration of analytics solutions as well as the organizational embeddedness. The survey was conducted for the first time in Germany. For this, the assessments and expectations of top management (CEO, CFO, etc.) and IT executives of German financial institutions were collected. >more


DACH CEO Success Study 2018

Strategy&

CEO SUCCESS STUDY 2018

With 48 new CEO positions to be filled in 2018, companies in the DACH region were faced with a particularly large number of management turnovers, which increased the ratio from 15.3% to 16.0% compared to last year. At the same time, the proportion of turnovers in the German-speaking countries is the third lowest of all regions worldwide. 71% of the resignations were planned, 8% were due to takeovers and 21% were premature resignations. In the 300 largest listed companies in the DACH region, the average length of a CEO's stay increased from 6.2 to 6.6 years. As in the last three years, there was only one newly appointed female CEO in the three German-speaking countries.  >more


European CFO Survey

Deloitte

EUROPEAN CFO SURVEY: EYES ON DEMAND

The flow of worrying economic and political news that characterised the second half of 2018 has dwindled since the beginning of 2019. Yet, according to the results of the latest European CFO Survey, businesses in Europe remain wary. The latest report shows how expectations surrounding the development of key business metrics has deteriorated further from six months ago. Companies are less willing to invest and add to their workforce, and a decline in demand and weak overall economic outlook are now the main concerns for CFOs in Europe. On top of this, the outlook for the evolution of revenues and operating margins over the next 12 months is darker than six months ago. >more


Operational Resilience

Oliver Wyman

STRIVING FOR OPERATIONAL RESILIENCE: THE QUESTIONS BOARDS AND SENIOR MANAGEMENT SHOULD ASK

Operational resilience is the ability of an organization to continue to provide business services in the face of adverse operational events by anticipating, preventing, recovering from, and adapting to such events. The fundamental principle is “bend, but don’t break.” Achieving operational resilience is inherently challenging given the increasing complexity of processes, technology infrastructure, and organizational silos. However, the business benefits go beyond pure risk and compliance, often forming an inherent part of a firm’s value proposition. >more


Asset Manager

The Boston Consulting Group

HOW ASSET MANAGERS CAN WIN IN A WINNER-TAKES-ALL WORLD

Making hay while the sun shines is a breeze. The real test is in doing the same when the weather turns stormy. After several years of stellar performance, the asset management industry found in 2018 that it had to adjust. Bouts of financial-market volatility, tightening monetary policy, and slowing global growth created a more challenging environment. >more


Coporate Governance and Institutional Investors

Rothschild / Deutsches Aktieninstitut

ESG FROM THE PERSPECTIVE OF INSTITUTIONAL INVESTORS - WHAT LISTED COMPANIES SHOULD KNOW

Besides the usual financial criteria, environmental and social topics, as well as corporate governance, are becoming ever more important to institutional investors when valuing companies and making investment decisions. A study released by Deutsches Aktieninstitut and Rothschild & Co affirms this trend. The study “ESG from the perspective of institutional investors - what listed companies should know” is based on extensive interviews with 18 international institutional investors, managing c. €14.4 trillion in assets and includes ten of the Top 20 investors in the DAX and MDAX. >more


European Banking

Deutsche Bank Research

HOW TO FIX EUROPEAN BANKING...AND WHY IT MATTERS

The performance of the Eurozone economy is inextricably linked to the health of its banking system. That means the economy will likely stagnate unless European banks can build robust balance sheets, earn a competitive return on equity, and generate adequate capital to support faster growth and innovation. European policymakers must make bold decisions as there are serious doubts as to whether the continent’s banks can compete internationally with US institutions. This paper takes a careful look at the European banking system and suggests a number of remedies to improve the sustainability of its returns for the good of the economy and taxpayers. >more


Brexit and Financial Services Industry

Deloitte

RESPONDING TO BREXIT IN THE FINANCIAL SERVICES INDUSTRY

The United Kingdom will leave the European Union (EU) and several credit institutions in 2019 and investment firms still need to finalise their Brexit-projects to establish a third country branch or subsidiary in the EU to be able to access the European Single Market after Brexit. This White Paper addresses typical regulatory differences and implementation challenges that need to be considered in the context of founding a new bank or investment firm in Germany. >more


Carbon Risks

Deloitte

CLIMATE FINANCE – GEEIGNETE ANSÄTZE ZUR BEWERTUNG VON CARBON RISIKEN

Climate change is currently not only present on the global political agenda, but the consideration of climate risks is also gaining importance in the valuation of assets. For this report, Prof. Dr. Martin Hellmich, a Deloitte partner responsible for the valuation of securities in the area of Audit & Assurance, works together with Prof. Dr. Rüdiger Kiesel, professor for Energy Trading and Finance at the University of Duisburg-Essen, on the identification of quantitative approaches and their extension, in order to take into account carbon risks in the valuation of assets. >more


Asset Managers and Wholesale Banks

Morgan Stanley / Oliver Wyman

ASSET MANAGERS & WHOLESALE BANKS – SEARCHING FOR GROWTH IN AN AGE OF DISRUPTION

Asset managers and wholesale banks are under increasing investor pressure to accelerate growth while managing down costs. Yet both are facing falling margins and a market environment that is disappointing relative to expectations. Fundamental shifts in market structure and client behaviour mean that firms with the weakest starting point are increasingly disadvantaged. They will have to balance competing demands to defend core markets with the need to follow the money and find long-term growth. The cost of catching up is increasing. >more


Banking and Capital Markets Trends 2019

PwC

BANKING AND CAPITAL MARKETS TRENDS 2019

Emerging technologies are revolutionising customer intelligence, engagement and experience within both corporate and retail banking. Yet it’s people who drive enterprise transformation and ultimately derive the value. This manifests itself in everything from the empathy and creativity to understand and meet changing customer demands to your workforce’s readiness to embrace change and capitalise on the opportunities. It’s therefore concerning that so many of the 235 Banking and Capital Markets (BCM) CEOs taking part in PwC’s 22nd Global CEO Survey believe that this vital human element of transformation is falling short. Nearly 80% see skills shortages as a threat to their growth prospects. Their ability to innovate effectively and provide a winning customer experience is suffering as a result. >more


German Gender Diversity 2018

The Boston Consulting Group

(EM)POWER WOMEN: BCG GENDER DIVERSITY INDEX DEUTSCHLAND 2018 - WO CHEFETAGEN IN SACHEN VIELFALT STEHEN

Germany's executive floors are still extremely male-dominated: in the 100 largest German listed companies there are only two female CEOs and just seven percent female board members. On the supervisory boards of these companies, every third member is now a woman. Five out of 100 supervisory boards have a female chairman. This means that the proportion of women at the top of companies - board members and supervisory board members combined - is still a low 19 percent. One could say that progress in Germany is slow at best. This is shown by the results of the BCG Gender Diversity Index 2018, presented by the Boston Consulting Group in cooperation with the Technical University of Munich. >more


Fixed Income Study 2019

Invesco

INVESCO GLOBAL FIXED INCOME STUDY 2019

Our second global fixed income study provides insights on the views, opinions and experiences of 145 fixed income specialists, across pension funds (both defined benefit and defined contribution), sovereign wealth funds, insurers and wholesale investors including private banks, diversified fund managers, multi-managers, and model builders. With the end of the cycle considered to be in sight and some seminal changes to consider in relation to the construction of global fixed income assets and their role in wider portfolios, fixed income investors are facing more challenging conditions ahead. >more


Divestment Study 2019

Ernst & Young

GLOBAL CORPORATE DIVESTMENT STUDY 2019

While geopolitical uncertainty dominates the headlines – from tariffs to trade wars, Brexit to border control – European companies are embracing divestment to strengthen their competitive edge and execute on their transformation agenda. According to the EY Global Corporate Divestment Study, 84% of European companies surveyed intending to divest within the next two years (the majority planning to do so in the coming 12 months), with the intent to streamline operating models for better agility. >more


German VC and Start-ups 2018

Ernst & Young

TECH START-UPS RESHAPING THE ECONOMY: VENTURE CAPITAL AND START-UPS IN GERMANY 2018

Since their foundation, the 100 largest German tech start-ups have been able to collect 8.1 billion US dollars from investors. The Auto1 Group is at the top of the rankings, having collected almost 1.1 billion US dollars since its foundation. Interestingly, there is a strong focus on the financial sector: one in five (21 companies) among the top 100 start-ups is a FinTech (previous year 14). >more


Banks, Insurers and Digital Mastery

Capgemini Research Institute

WHERE ARE BANKS AND INSURERS ON THEIR DIGITAL MASTERY JOURNEY?

The financial services industry stands at a crossroads and dark clouds of disruption are brewing overhead. As consumers become more connected and tech-savvy, FinTech and InsurTech upstarts edge their way onto the center stage, and new technologies and the sharing economy increasingly define our daily lives, banks and insurers must develop new value propositions to compete and prosper. The key to doing so is focusing on both leadership and digital capabilities – a status we call “digital mastery.” Our latest research shows fewer than one-third (30%) of financial services firms have thus far attained digital mastery. >more


European Bank Profits

Deutsche Bank Research

EUROPEAN BANK PROFITS RISE TO POST-CRISIS PEAK DESPITE LOWER REVENUES IN 2018 - CAPITAL RATIOS DOWN FOR THE FIRST TIME

In 2018, net income at the major European banks climbed to its highest level since the financial crisis. Lower administrative expenses and a further fall in loan loss provisions to multi-year lows more than made up for a decline in revenues. Whereas net interest income stabilised, fee and commission income as well as trading income declined. >more


Blockchain

J.P. Morgan

BLOCKCHAIN AND THE DECENTRALIZATION REVOLUTION: A CFO’S GUIDE TO THE POTENTIAL IMPLICATIONS OF DISTRIBUTED LEDGER TECHNOLOGY

With the advent of blockchain and increased adoption, J.P. Morgan’s Corporate Finance Advisory team, in conjunction with J.P. Morgan’s Digital Investment Banking team and Blockchain Center of Excellence, provides an informed view on the corporate implications of the rapidly changing interplay between finance and blockchain technology. Although the use of blockchain in the enterprise remains mostly in the proof-of-concept stage, CFOs and financial executives should continue to periodically evaluate the latest blockchain developments. >more


Global Pension Assets

Thinking Ahead Institute

GLOBAL PENSION ASSETS STUDY 2019

The Thinking Ahead Institute's Global Pension Assets Study 2019 covers 22 major pension markets (the P22), which now total USD 40,173 billion in pension assets and account for 60% of the GDP of these economies. The study also looks at the seven largest markets (the P7) which include Australia, Canada, Japan, Netherlands, Switzerland, UK and US and comprise 91% of total pension assets. >more


Robo-Advisors

Deutsche Bank Research

GERMAN ROBO-ADVISORS: RAPID GROWTH, ROBUST PERFORMANCE, HIGH COST

Robo-advice is a new breed in asset management. Robos’ assets under management have been growing quickly in Germany. However, the market is increasingly becoming concentrated and competitive. Robo portfolios have shown relatively robust performance recently. Yet the high costs of robo-advice in Germany are a drag on returns and may alienate potential customers. Current clients, meanwhile, are mostly middle-age, higher-income men rather than millennials. >more


Institutional Investors

MSCI

ESG TRENDS TO WATCH IN 2019

ESG institutional investors face both pressing challenges and opportunities in 2019. The report highlights five of them: how to deal with the significant amount of plastic waste generated; regulations focused on ESG investors; the earlier-than-expected effects of climate change; the big signal revolution and the role of corporate leadership in the age of transparency. >more


Global Market Outlook 2019

STATE STREET GLOBAL ADVISORS

2019 GLOBAL MARKET OUTLOOK: NOT OVER UNTIL IT'S OVER

As investment challenges grow more complex, the Global Market Outlook is designed to alert investors to portfolio risks and opportunities in the coming year. Research around near-term and longer-term market issues is at the heart of who we are as investors. It drives the kinds of outcome-oriented portfolios we create for clients, drawing on the full range of our beta and alpha solutions as well as our asset-allocation expertise. >more


Global CEO Survey

PwC

22ND ANNUAL GLOBAL CEO SURVEY: CEO'S CURBED CONFIDENCE SPELLS CAUTION

The optimism of top managers is curbed: last year, CEOs worldwide were more optimistic than ever before. Now, one year later, 29 percent expect global economic growth to decline in the next twelve months (previous year: 5 percent). This year, 42 percent (previous year: 57 percent) are confident that the global economy will grow faster than in the previous year. >more


Financial Services Industry 2019

Oliver Wyman

THE STATE OF THE FINANCIAL SERVICES INDUSTRY 2019

For an industry whose product – the movement and storage of money and the management of risk – is electronic, financial services processes are manually intensive. Surveys show that customers are rarely inspired by the service and yet the consensus is that a digital overhaul of legacy systems will be the work of many years. At the same time, new businesses underpinned by digital capabilities are gaining traction. Imagine if you could combine what is possible in a new build with the business model advantages of an existing firm. In the 2019 edition of our State of Financial Services report we examine the potential for the industry to start again and point to the first steps in the journey – "go build!" >more


Private Assets in Institutional Portfolios

PGIM

THE TRADEOFF BETWEEN LIQUIDITY AND PERFORMANCE: PRIVATE ASSETS IN INSTITUTIONAL PORTFOLIOS

Are investors sacrificing too much portfolio performance in the name of liquidity? Investors may wish to increase allocation to private assets with their potentially greater returns and diversification benefits, but worry that these assets are too illiquid to generate sufficient cash when needed. How can investors measure the tradeoff between liquidity and performance to determine their optimal mix of private and public assets? PGIM’s IAS team presents an asset allocation framework that investors can use as a tool to answer this question. >more


European Banks in 2019

Deutsche Bank Research

EUROPEAN BANKS: OPERATING STRUGGLES AND SOME EXTERNAL HEADWINDS

Banks in Europe face a more difficult business environment in 2019 than last year. While the macro environment is still decent, momentum is cooling markedly. In addition, prominent political risks loom dangerously. On the operating side, banks are treading water. Their limited cost savings are being fully absorbed by declining revenues, and balance sheets continue to shrink despite a moderate pickup in lending. Profitability and capital levels are both stagnating. Only in a benign economic and political scenario will banks be able to return to growth this year. >more


Banking

Group of Thirty (G30)

BANKING CONDUCT AND CULTURE: A PERMANENT MINDSET CHANGE

2018 marks the tenth anniversary of the global financial crisis. Since then, the industry has devoted significant time and resources to understanding the underlying causes of its cultural breakdowns, and to implementing reforms needed to address the issues. And yet, throughout the last decade, and despite significant efforts, the industry has continued to be dogged by conduct scandals and failures of culture and governance. Trust in banks remains low. And at the same time, the scope of the issues has grown. As a result, banks have endeavored to implement various changes to improve their conduct and culture. The report focuses on two fundamental questions: 1) How much progress has the banking industry made in conduct and culture ten years on from the global financial crisis; and 2) In what areas should banks continue to press on, and what evolving questions should they be mindful of going forward? >more

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