野村综合研究所 （NRI）：2024-2025年日本资产管理业务报告：趋势、现状与策略分析（英文版）（23页）.pdf

1、JapansAsset ManagementBusiness252024CHAPTER 1 Japanese investor trendsCHAPTER 2 Current state of asset management businessCHAPTER 3 Market trends and product strategies by client segmentForewordDecember 2024Katsutoshi TakehanaLead author of Japans Asset Management Business 2024/2025Financial Market&

2、Digital Business Research DepartmentNomura Research Institute,Ltd.As the asset management industry gets the policies it long sought,it now needs to pursue in earnest the longstanding task of developing market-competitive investment capabilities.With the plan to transform Japan into an“asset manageme

3、nt nation,”the authorities want to promote the healthy development of the asset management industry and make it one of the four major financial subsectors along with banking,insurance,and securities.But this will not be easy.If sector size is measured using the yardstick of operating income,the asse

4、t management industry will need to more than double its operating income to put itself on a par with the other three.However,operating income posted its recent peak in FY2021 and has not grown since then despite an increase in retail and pension fund assets under management.This is because fund infl

5、ows have been concentrated in passive funds with falling fees and in actively managed foreign equity funds,which re-entrust the management of those funds to overseas managers.Many Japanese asset management firms have outsourced management as a stopgap measure to address increasingly diverse investor

6、 needs(mainly involving overseas assets)or to round out their own uncompetitive product lineups.They were able to grow so rapidly precisely because they flexibly outsourced operations to sub-advisories.However,few have been able to build the kind of market-competitive investment capabilities that we