Gaining power of professional buyers

Producer 2

Distributor2

Producer1

Distributor1

Independent Producers

Final clients

Independent Distributors

Professional BuyersMultimanagers

B to C Platforms

B to B Platforms

Private Banks

Others

« Distributors or assemblers that

use quality criteria – both qualitative

and quantitative – to outsource

portfolios to 3rd party asset managers »

« … and gaining power of professional buyers »

Multimanagers: One of the fastest growing segments of professional buyers

European retail multimanagers assets under management (€, bn)

European retail multimanagers assets as proportion of LT mutual funds

Source: Cerulli 2005 « European Distribution Dynamics »

9.1%8.9%

6.4%

2002 2003 2004 2005E 2006E 2009E

€ 152

€ 219€ 247

€ 280

€ 404+18% c.a.g.r

€ 189

2002 2003 2004

c.a.g.r: compounded annual growth rate

Do you offer 3rd party funds?

Source: Datamonitor « Mutual Fund Distribution in Europe » 2006

YES! 75.3%

No 24.7%

YES!

Spain Italy France B/NL Germany UK Nordic Region

90% 90% 85%

80%

70%

All European actors together

75%

65%

Private Banks: open architecture, a reality