畢馬威：2019年全球資產管理首席執行官展望報告（英文版）（16頁）.pdf

1、KPMG China The need for agility and decisiveness Insights from asset management CEOs Contents Key findings 3 The operating landscape: Ready for challenging conditions 5 Responding to the challenge: Bold steps forward 10 Conclusion 15 The need for agility and decisiveness for asset management CEOs 4

2、Top of the CEO agenda 14 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Coop

3、erative (“KPMG International”), a Swiss entity. All rights reserved. 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member f

4、irms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2019 Global CEO Outlook Insights from asset management CEOs3 Key findings for asset management CEOs Top of mind for CEOs CEOs are taking a fresh look at their role and ability to drive ch

5、ange Taking a hands-on role Eighty-three percent say they are actively transforming their leadership team to strengthen resilience. Seventy-five percent are taking responsibility for ensuring the connection between front, middle and back offices and 81percent are personally leading their organizatio

6、ns technology strategy. Challenging themselves Seventy-eight percent say they must act with agility since the average CEO tenure is now just 5 years. They admit that there is work to do since 67percent state that building customer connections is paramount, but to date 64 percent say they could signi

7、ficantly improve their understanding of their customers. Responding with bold steps CEOs are eager to disrupt but admit there is work to be done Willing to disrupt the business Ninety-nine percent describe technological disruption as an opportunity versus a threat and 53 percent state that they are

8、actively disrupting their sector rather than waiting to be disrupted by competitors. But ready and able to disrupt? Only 58 percent feel that they have a culture where fast-failing or unsuccessful innovation efforts are celebrated. Seventy-two percent say that lead times to achieve significant progr

9、ess on transformation seem overwhelming. Boosting resilience CEOs are prioritizing investments to improve company resilience with 63 percent placing capital investment in new technology and 37percent investing in developing their workforces skills and capabilities. Its time to change CEOs believe th

10、at they must shift business strategies for disruption Environmental/climate change top risk Sixty-eight percent say that organizational growth will be determined by the shift to a low-carbon/ clean tech economy. More than half believe they must look beyond purely financial growth to achieve sustaina

11、ble, long-term success. New risks gain prominence Since the 2018 survey, emerging/disruptive technology has risen from third to second place among threats to growth. Cyber security risk is now a top five risk among CEOs. Growth hinges on agility While 73 percent highlight the ability to disrupt to d

12、rive growth, CEOs admit their need to improve innovation processes, build the future workforce and link their growth strategy with a wider social purpose. Confidence amidst uncertainty CEOs show confidence in their company despite uncertain times Concern for global economy Asset management CEOs are

13、the most pessimistic sector regarding growth for the global economy, however, 93 percent are confident in their companys growth. Eyeing growth abroad While 63 percent list emerging markets as their biggest priority for expansion, 59 percent list Chinas Belt and Road Initiative as their main priority

14、. Only 37 percent listed developed markets as their top priority. 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member firm

15、s affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 42019 Global CEO Outlook Insights from asset management CEOs The need for agility and decisiveness for asset management CEOs While they are confident about their immediate business prospects

16、 despite a fragile global economy, CEOs of the worlds major asset management companies are alert to the need to adapt their businesses to reflect customer values and expectations, environmental risks and transformational technological change. Although these c-suite leaders are bullish on near-term i

17、ndustry growth, they express uncertainty for their companys ability to innovate and disrupt itself, and embed that resilient spirit to sustain growth in the face of an uncertain future. In response to the unfolding market challenges and opportunities, they are focused on making the strategic decisio

18、ns required to increase internal agility and flexibility throughout their organization, processes, infrastructure and workforce. Those are among the top themes emerging among asset management executives surveyed for KPMG Internationals 2019 Global CEO Outlook. This annual publication, which includes

19、 interviews with CEOs from the worlds most significant businesses provides a unique snapshot of the views of more than 1,300 CEOs in 11 countries and key industries. With data collected in early 2019, the responses from the 81 global asset management CEOs offers a unique and timely perspective into

20、their current mindset, business concerns and priorities. The fifth annual Global CEO Outlook contains timely insights into the challenges and opportunities for CEOs of the largest corporations from around the world. The findings are based on nearly 1,300 CEOs in 11 of the worlds largest economies an

21、d 11 key industry sectors. 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Co

22、operative (“KPMG International”), a Swiss entity. All rights reserved. 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member

23、 firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2019 Global CEO Outlook Insights from asset management CEOs5 The operating landscape: Ready for challenging conditions To understand asset management CEOs underlying view of their opera

24、ting environment and the conditions driving their strategies, we asked them about their confidence in the growth prospects not only for their company, but also for their industry, home country and global economy. As indicated in the adjacent chart, these leaders expressed low confidence in the globa

25、l economy (54 percent). In fact, among 11 industries included in the 2019 Global CEO Outlook, asset management was the second least optimistic about global prospects, with manufacturing being the only industry in which CEOs held a more negative view. That said, while asset management is one of the m

26、ost pessimistic industries regarding worldwide growth, there are highly confident in growth for their individual company (93 percent) as well as for their home country and industry. Tom Brown, Global Head of Asset Management, KPMG International, observed that this view is not surprising since indust

27、ry growth is somewhat de-coupled from the broader economy: “We predict strong ongoing industry growth thanks in part to the growing pools of capital from investors who are living longer and saving for retirement, and this is consistent in many regions. Thus it makes sense that asset management CEOs

28、feel optimistic about their company despite global unease. That said, these firms must remain focused on delivering strong returns with the capital theyve amassed, especially in todays challenging markets and volatile geo-political environment, otherwise they risk losing those investors. ” Overall c

29、onfi dence in growth prospects: next 3 years Global economy 2019 Global CEO Outlook asset management data, KPMG International Industry Country Company 93% 83% 73% 54% 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in Chi

30、na, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 62019 Global CEO Outlook Insights from asset management CEOs Looking afar for growth Unsu

31、rprisingly, asset management companies are turning their attention overseas in pursuit of new growth, with 63 percent listing emerging markets as their biggest priority for geographic expansion in the next 3 years. More than half (59 percent), said they are prioritizing geographies that form part of

32、 Chinas Belt and Road Initiative. A sizable 88 percent of those who were bullish on emerging market expansion said their rationale is to build their business resiliency. In contrast, just a third of asset management CEOs (37 percent) listed developed markets as their biggest priority for expansion.

33、More than half of those respondents ranked North America rank first. “Its clear that the growth potential is getting better understood across developing markets. Asset management CEOs recognize the need to build local distribution networks in order to raise capital, ” notes Tom Brown. “While some as

34、set managers are focused on the near-term investment opportunities closer to home, they realize the medium- to long- term opportunity in Asia and its potential to outstrip other markets. ” We predict strong ongoing industry growth thanks in part to the growing pools of capital from investors who are

35、 living longer and saving for retirement. Tom Brown Global Head of Asset Management KPMG International 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KP

36、MG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (China) Limited a wholly foreign owned enterprise in China, and KPMG a Hong

37、Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2019 Global CEO Outlook Insights from asset management CEOs7 Critical self-diagnosis: CEOs admit they must ch

38、ange When we asked asset management executives to assess the challenges facing their own companys growth, we heard some frank comments on the need to change or be prepared to shift strategies. When asked to rank the greatest threats to company growth, environmental/climate change risk, disruptive te

39、chnologies and a return to territorialism were the top responses. Notably, in the wider global results, environmental and climate change risk rose from fourth place ranking in 2018 to first place in 2019. For asset management CEOs, it moved from second to first demonstrating how environmental issues

40、 have been and continues to be an important issue. Specifically, 68 percent of CEOs in the asset management industry agreed that organizational growth will be determined by their ability to anticipate and navigate the global shift to a low-carbon, clean technology economy. Tomas Otterstrm, KPMGs Glo

41、bal Leader of Sustainable Finance Services, agrees these findings mirror the rising focus on sustainability and environmental, social and governance (ESG) factors in the sector. “While the governance part of ESG traditionally has been high on the asset managers agenda, environmental topics have gain

42、ed greater attention as the financial consequences of climate change, fossil fuels, plastics and other wastes have become better understood, ” says Otterstrm. He explains that now asset managers need to analyze what these issues mean for their risk management, their data needs and analysis capabilit

43、ies, and eventually the risk-adjusted return of their funds and mandates. Furthering this emphasis on creating a sustainable business, more than half (53 percent) of survey participants agreed that they must look beyond purely financial growth in order to achieve sustainable, long-term success. Otte

44、rstrm opines that, “Although good investment processes are primarily designed to deliver the targeted risk-adjusted returns, the starting point for an increasing number of investors are values and beliefs, which are typically ethical. Increasingly today, investors are looking to create societal valu

45、e beyond current financial value. They recognize that, what is societal value today, and external to profit of investments, may soon enough be internalized by regulation, consumer choices and raw material markets. Asset managers have to respond to investors needs for responsible investment. ” Otters

46、trm describes how, from a sustainable finance perspective, many in the industry are now in the process of building strategic approaches to responsible investment: “To be successful in the new sustainable finance future, asset managers, asset owners, banks and insurance companies need to understand t

47、heir clients and their ESG expectations, prepare for new regulation and think long-term to manage ESG in a systematic and targeted way. ” Greatest threats to growth in descending order Environmental/climate change risk Emerging/disruptive technology risk Return to territorialism Operational risk Ret

48、urn to territorialism Cyber security riskReputational risk Emerging/disruptive technology risk Environmental/climate change risk Operational risk 20192018 2019 Global CEO Outlook asset management data, KPMG International 2019 KPMG Huazhen LLP a Peoples Republic of China partnership, KPMG Advisory (C

49、hina) Limited a wholly foreign owned enterprise in China, and KPMG a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 82019 Global CEO Outlook Insights from asset management CEOs When asked about the day-to-day challenges impeding organizational growth, asset management CEOs highlighted issues relating to talent acquisition, innovation and process improvem