UCITS Disclosure Testing Research Report
The study tested the contents and form of the KII on a representative sample of retail investors and intermediaries, so that the KII could be developed and fine-tuned in the light of how well it was being understood and used by retail investors. The research was spread over two phases and used both qualitative and quantitative research techniques. The first phase focused on various approaches to the content and form of individual elements of the KII (e.g. information about risks or costs). The second phase focused on proposals for the KII document as a whole, building on the elements that worked best in the first phase. All proposals were developed with the input and aid of CESR, which has been developing in parallel its advice to the Commission on the content and form of the KII.
Study on ”The retailisation of non-harmonised investment funds in the European Union“
The study surveys the market for non-UCITS funds in nine EU Member States. It examines which types of non-UCITS funds are being distributed to retail investors and through which distribution channels. It provides a detailed quantitative description of the current distribution patterns and an analysis of the key drivers behind current trends.
Study on ”investment funds in the European Union: comparative analysis of use of investment powers, investment outcomes and related risk features in both UCITS and non-harmonised markets“
The study surveys the investment outcomes (performance and related risks) of UCITS and non-UCITS funds over the five past years. It examines new risks associated with new investments possibilities and techniques and how managers control these risks.
Potential cost savings in a fully integrated European investment fund market
This study presents a comparative analysis of the main sources of cost in the investment fund value-chain in 10 Member States. It assesses the potential for scale and efficiency savings.
Current trends in the European Asset Management Industry
Lot 1 of the study provides a comprehensive database with time series and up-to-date data on recent developments and the current situation in European fund markets. Lot 2 documents some of the main structural trends which are transforming European fund markets – notably, moves towards more open distribution systems, greater functional specialisation, increased industry concentration, and the 'push' and 'pull' factors driving the growth of new products.