野村資本市場研究所|ASEAN投資信託市場の現状と課題(PDF)

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1 213 Spring ASEAN ASEAN ASEAN 76

2 1 ASEAN 213 ASEAN 4 ASEAN ASEAN OECD The Emerging Middle Class in Developing Countries January 21 2 Cerulli Associates Asset Management in Southeast Asia

3 213 Spring 1992 Securities and Exchange Act SEC Capital Market Supervisory Board SEC SEC SEC SEC 1 SEC Association of Investment Management Companies securities company SEC SEC mutual fund supervisor SEC 1 Notification of the Office of the Securities and Exchange Commission No. OrKhor./Nor. 5/2549 Re: Guidelines Relating to Operating Systems of Fund Management Business 78

4 SEC 2 SEC CFA CISA SEC , SEC CFA CISA CFA CISA 79

5 213 Spring 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, Q1 SEC 4 5 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 7, 6, 5, 4, 3, 2, 1, Q1 1, SEC SEC 8 1 4%

6 ,3 2, % IMF 15% 5 5 1% 6 2,5 2, 1,5 1, Thailand: Asset manager likes stocks in 213 Thai News Service (September 14, 212) 81

7 213 Spring 8 SEC 2% , , bp 1975 IFC MFC

8 7 8 3,5 3, 2,5 2, 1,5 1, Q3 2,929 2, ,172 9 OTC ,973 SEC SEC SCB 1% 9 BBL TMB 6 77% 1 5 8% K ETF MFC 25% 17% 25% 4% 83

9 213 Spring 9 4, ,54 6,852 4, ,597 2, ,53 3,681 1, ,992 1, , , , , , , ,673 2,44 2,973 6,823 29,99 SEC 49% 1% 212 1% Cerulli Associates Asset Management in Southeast Asia

10 1 3.2% 5.% 1.1% 8.3% 82.3% 211 Cerulli Associates Asset Management in Southeast Asia Know Your Customer Rule SEC Accredited Investor Scheme 5, 4 1, 1 2, 25% MMF 13 85

11 213 Spring 15% 2% ASEAN 14 SEC D D D SEC , Employee s Choice , ASEAN

12 11 8, 7, 6, 5, 4, 3, 2, 1, ,249 3% National Savings Fund % % % 16 87

13 213 Spring 13 1, 25 9, 8, 2 7, 6, 15 5, 4, 1 3, 2, 5 1, MMF SEC Start-To- Invest Securities and Futures ActMAS Regulation Code Code on Collective Investment Schemes authorized scheme 88

14 recognized scheme 2 SD restricted scheme 17 MMF 18 MAS MAS Licensed Fund Management Company Registered Fund Management Company SD MAS SD accredited investor 2 SD 12 3 SD 1, SD 18 Capital guaranteed fund capital protected fund 89

15 213 Spring 14 SD MAS Singapore Asset Management Industry Survey 15 1% 8% 6% 4% 2% SD % MMF 2 / MMF MAS Singapore Asset Management Industry Survey IMAS /3 1/2 19 MAS 23 Investment Management Association of Singapore IMAS /

16 17 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % MAS Singapore Asset Management Industry Survey SD 16, 14, 12, 1, 15% 1% 13% 2% 41% 8, 6, 4, 2, / MAS Singapore Asset Management Industry Survey MAS Singapore Asset Management Industry Survey MAS 1.3 SD SD 19 7% MAS

17 213 Spring 4, MAS 26 18% 24 25% 33% 33% 24 1 SD 132 MAS % SD 2 SD SD SD % 5 SD MAS reputable 21 MAS.5% 2SD 92

18 2 SD IMAS SD MAS Singapore Asset Management Industry Survey % 22 93

19 213 Spring % 2.2% 13.6% 77.% 27 Cerulli Associates Asian Distribution Dynamics MAS MAS profile statement MAS 23 Central Provident Fund CPF Central Provident Fund Investment Scheme CPFIS CPF 24 CPF 2.5% 213 4% 22 representative

20 CPF 6 SD 2 SD 1% CPFIS CPF 6 SD 2 SD 4 SD CPF Central Provident Fund Board CPFB ETF 3 ETF 25 CPFIS 21 CPF 2,32 SD 284 SD 23 CPF 5% CPFB CPF CPFIS CPFIS CPFIS CPFIS 18 CPFIS 2% CPF CPFIS 24 CPFIS SD 2,5 2, 1,5 1, % 9% 8% 7% 6% 5% 4% 3% 2% 1% % CPF CPFIS CPFB CPFB 25 CPF 35% ETF 1% 95

21 213 Spring SD 8, 7, 6, 5, 4, 3, 2, 1, Department of Statistics Singapore 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % CPF Department of Statistics Singapore ,943.3 SD SD 1, 2% Capital Markets and Services Act IMAS 27 REIT ETF 96

22 Federation of Investment Managers Malaysia 27 Computerised Unit Trust Examination CUTE IUTA CUTA 31 CUTE SRI Malaysian Association of Asset Managers IUTA CUTA

23 213 Spring restricted investment scheme qualified investor 3 1, 35 MMF % % 64%

24 , ,279 1, , ETF ETF 1 REIT , 3,5 3, 2,5 2, 1,5 1, ,283 99

25 213 Spring 28 1,2 1, MMF ETF ETF 4 REIT MMF 211 Cerulli Associates Asset Management in Southeast Asia REIT 4 5% 1% % 5 8% REIT REIT REIT 1

26 % CIMB % 7% 41 1% EPF-MIS PRS Cerulli Associates Asset Management in Southeast Asia Foreign Investment Committee 3% 11

27 213 Spring 31 remisier 211 IUTA 43 IFA CUTA 7 9,157 51,237 6,394 36,54 6% RHB CUTA % 11.7% 53.2% 17.2% 211 Cerulli Associates Asian Distribution Dynamics 27 12

28 Employees Provident Fund EPF EPF Members Investment Scheme EPF-MIS Private Retirement Scheme PRS EPF-MIS CPFIS PRS 42 EPF , ,692 5, 11% 13% 5, 11% 12% 7% % 2 2.5% % 9% 1% EPF-MIS basic savings % 42 PRS PRS % EPF 4% EPF 23% %

29 213 Spring % 1,4 EPF- MIS EPF-MIS MMF31 1 EPF-MIS 2.5% EPF-MIS 28 3% PRS EPF PRS Private Pension Administrator PRS PRS EPF EPF 33 EPF-MIS EPF 44 14

30 34 PRS 7% A 3% 1 B 45 PRS PRS CIMB PRS 2 PRS EPF 36 16% % 22 34% 1 2 Your Investment, Your Rights, Your Responsibilities , EPF 19% 15

31 213 Spring , 14, 16% 16% 32% 12, 1, 3% 6% 8, 6, 4, 2, Bank Negara Malaysia Financial Stability and Payment Systems Report 212 EPF 211 Bank Negara Malaysia Financial Stability and Payment Systems Report 212 Securities Industry Development Corporation SIDC Malaysian Investor 1 ASEAN ASEAN ASEAN 16

32 UCITS 21 APEC APEC UCITS ASEAN ASEAN ASEAN Capital Markets Forum ASEAN AEC 215 AEC 29 ASEAN Implementation Plan SEC ASEAN MAS ASEAN ASEAN ASEAN ASEAN ASEAN 46 Asia Region Funds Passport: The Future of the Funds Management Industry in Asia Dechert LLP An ASEAN Funds Passport? September 27,

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