Global Market Intelligence (GMI)

Putting market intelligence at the heart of successful asset management businesses

1© 2019 |

Global Market Intelligence - GMIOne platform, two modules, three core datasets

2© 2019 |

Global Market Intelligence - GMIThe largest data sharing consortium of its kind drives analysis of over $33 trillion in institutional and $42 trillion in global funds assets

AB GlobalAberdeen Standard InvestmentsAcadian Asset ManagementAegon Asset ManagementAllianz Global InvestorsAMGAmerican CenturyAmundiAQRArtemisAsset Management OneAVIVA InvestorsAXA Investment ManagersBaillie GiffordBAMLBaringsBarrow, Hanley, Mewhinney & StraussBlackRockBlueBayBMOBNP Paribas Investment PartnersBNY MellonBrightSphereCandriamCapital Group Carmignac GestionCenterSquareCohen & SteersColumbia Threadneedle

Comgest Copper Rock Capital PartnersCredit SuisseDanske CapitalDodge & CoxDWS Eaton VanceEdmond de RothschildE FundsEurizonFidante PartnersFidelity InternationalFidelity FIAMFirst QuadrantFirst StateFisch Asset ManagementFranklin Templeton InvestmentsGAMGenerali InvestmentsGMOGoldman Sachs Asset ManagementGW&KHarding LoevnerHexavestHSBC Global Asset ManagementInsight Investment ManagementInvescoInvestecJanus Henderson

JP Morgan AM JupiterKames CapitalLegg MasonLGIMLombard OdierLoomis, Sayles & CompanyLord Abbett Lyxor M&GMacquarieMaj InvestMAN GroupMatthews AsiaMediolanumMFSMitsubishi UFJMorgan StanleyMuzinich & Co.Natixis Global Asset ManagementNeuberger BermanNewtonNikko Asset ManagementNN Investment PartnersNomura Asset ManagementNorthern TrustNordeaOFIOppenheimer Funds

Oyster FundsParametricPartners Capital PictetPIMCOPGIMPinebridgePioneer InvestmentsQuoniam Asset Management RobecoRoyal London Asset ManagementSchrodersSkagen FundsState Street Global AdvisorsStorebrandSwiss & GlobalT Rowe PriceThompson, Siegel & Walmsley TIAA/Nuveen TwentyFour Asset ManagementUBS Asset ManagementUnigestionUOB Asset ManagementVontobel Asset ManagementWellingtonWells Fargo Asset Management

3© 2019 |

T1

5500

Regulatory filings

PSN

Partnership

Broadridge

Proprietary data

FundSquare

Association data

Morningstar & Lipper

Partnership

Preqin

Partnership

Global Market Intelligence - GMITo generate the most comprehensive analytics possible, we augment secondary datasets from our growing number of global data partnerships

MSCI

ESG data

4© 2019 |

MARKET ANALYTICS

BENCHMARKINGANALYTICS

DISTRIBUTION ANALYTICS

COMPETITIVE ANALYTICS

Product & StrategyEvidence strategic planning and product development

Track against targets, benchmark product characteristics & discover differentiators

Align product specifications with the clients and channels driving flows

Analyse competing products and measure the factors driving commercial performance

Distribution & SalesInform sales planning, identify opportunities and inform tactics

Analyse coverage and analyse competitive positioning

Identify prospects, distribution partners and trends in their allocations

Measure competitive advantage and inform conversations

Management & LeadershipEnable evidenced-based strategic decision making and informed business cases

Measure business performance and track against growth targets

Focus resources on the most valuable market segments

Measure the factors driving commercial performance

Research & IntelligenceEmbed robust market analytics across key business functions

Generate accurate and informed reporting on competitive position

Support sales with key consultant and distributor intelligence

Track competitors, identify disruptors and analyse competitive trends

Marketing & ClientUnderstand trends, changing client behaviour and patterns of demand

Measure campaign performance, client retention and benchmark KPIs

Understand the behaviour of strategic distribution partners

Measure your strengths and weaknesses to inform messaging

Assets, flows, fees and revenues by product,

vehicle, country, client and distribution channel

Market benchmarking and competitive positioning

by asset, flow and revenue share

Distribution channel breakdowns with named

sub-advisor and institutional consultant intelligence

Named competitive metrics including size, ratings,

growth, performance, fees and sector alpha

GMI Analytics & Functions Four analytical capabilities embedded across five core asset management functions

5© 2019 |

-210

-160

-110

-60

-10

40

90

140

Q4/2011 Q4/2012 Q4/2013 Q4/2014 Q4/2015 Q4/2016 Q4/2017 Q4/2018

Equity Index - Global Equity - Multi-factor Equity - Global EM Equity - Global

0

10

20

30

40

50

60

70

80

90

Large Cap Mid/Smid Cap Small Cap

< 50m 50 - 100m 100 - 250m 250 - 500m 500m +

US active fundamental equity Fees by mandate size True Negotiated Fee Analysis

Inst

itu

tio

nal

IM F

ee B

PS

GMI Market AnalyticsAnalyse opportunity across all products, vehicles, countries, clients and distributors

Net

Flo

w $

B

Opportunity Metrics Across Retail and Institutional Global AUM and 2018 Net-Flow ($B)

0

50

100

150

200

250

300

350

400

450

500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Cross Border Domestic Round Trip

Unique Cross-Border AnalysisItalian 3rd Party Fund AUM Growth

AU

M $

B

How do I form an effective fee strategy

and inform RFP responses?

How do I analyse market opportunity

including cross-border business?

-600 -100 400 900

FoFs Equities

Equities Emerging Markets

Bonds Asia Pacific

Equities Asia Pacific

Equities Themes

Bonds Emerging Markets

Mixed

Equities Global

Mixed Asset Allocation

FoFs Mixed

Fund Launches Fund Closures Fund Mergers

Analysis of Fund Launches & Closures May 2018 – April 2019 Fund Launches

Cumulative Institutional Equity Net-FlowTrends in Product Demand Across All Vehicles

2018 Net-Flow tree by vehicleFull global vehicle coverage

-50

0

50

100

150

200

-7,500

-2,500

2,500

7,500

12,500

17,500

22,500

27,500 AUM NetFlow

Where can I track successful fund launches,

failures and closures?

6© 2019 |

By enhancing our consortium data with the data we engineered via our partnership with Preqin, we are able to produce a comprehensive view on the Alternatives landscape.

Institutional Alternatives AUM AnalysisAUM $B

0

20

40

60

80

100

120

140

160

Q1/2014 Q1/2015 Q1/2016 Q1/2017 Q1/2018 Q1/2019

Alts - Private Debt Alts - Private Equity

Trends in Hedge Fund Net-Flow Net-Flow $B

Trends in Private Asset Capital RaisingUK Pension Capital Raised $B

3,387

2,698

1,268

530 514232

Private Equity Hedge fund Real Estate Infrastructure Private Debt NaturalResources

192

1

5

23

92

93

553

712

1,716

Other/undefined

PIPE

Hybrid

Turnaround

Expansion / Late Stage

Balanced

Growth

Early Stage / Venture

Buyout

212

35

47

63

65

67

91

91

120

137

198

329

330

396

518

Other/undefined

Alternative Beta

Market Neutral

Asset Backed

Relative Value

Commodities

FI - Multi-strategy

MA - Multi-strategy

Long Bias / 130/30

Managed futures /…

Fixed income

Event Driven

Macro / Directional

Multi-strategy

Equity

Private Equity AUMAUM $B

Hedge Fund AUMAUM $B

0

50

100

150

200

250

300

2011 2012 2013 2014 2015 2016 2017 2018

$107bn net outflow from hedge funds since Q3 2014

9

9

9

18

37

-52

-35

-31

-30

-15

-60 -40 -20 0 20 40

Alts - HF - Equity

Alts - HF - Fixed income

Alts - HF - Multi-strategy

Alts - HF - Macro / Directional

Alts - HF - Managed futures / CTA

Alts - HF - Commodities

Alts - HF - FI - Event Driven

Alts - HF - FI - Multi-strategy

Alts - HF - Alternative Beta

Alts - HF - MA - Multi-strategy

Top 5 & Bottom 5 Hedge Fund Sectors by Net-Flow Since Q3 2014 Net-Flow $B

GMI Market AnalyticsA detailed and comprehensive source of Alternatives market analytics

Where are the growth segments in the

alternatives space?

Which regions and clients are driving fund

raising for my products?

7© 2019 |

0%

20%

40%

60%

80%

100%

Highest quintile 2nd quintile Middle quintile 4th quintile Lowest quintile

GMI Market AnalyticsDetailed true fee levels, trends, discounting and benchmarking

Analysis of Fee Sensitivity% of Gross Inflow 2018 by True IM Fee Quintile

Low Sensitivity High Sensitivity

0

10

20

30

40

50

60

70

Weighted Average bps Outflow Weighted Average bps Inflow Weighted Average bps

True Fee And Break Point Benchmarks

0

10

20

30

40

50

60

70

80

< 50m 50 - 100m 100 - 250m 500m + 250 - 500m

Market Median My Median

Global EMD Separate Account BPSTrends in True IM FeeFundamental Active Equity BPS

50

60

70

80

90

100

2013 2014 2015 2016 2017 2018

The GMI Fee Module enables members to measure true negotiated fees in detailed product, client and regional segments. It also includes discounting analysis, fee level trends, benchmark analytics, and correlations with flows to allow for a better understanding of the shape of demand in different segments of the market.

Analyse the Changing Shape of DemandUS DB Pension

-5.4% 5yr CAGR

Which segments are more or less sensitive

to fee levels?

How should I price to compete effectively in

specific market segments?

8© 2019 |

My

Org

anic

Gro

wth

%

Market Organic Growth %

Detailed Competitive Positioning

0%

5%

10%

15%

20%

25%

30%

35%

40%

2014 2015 2016 2017 2018 2019

Bonds High Yield Equities Europe FoFs BondsFoFs Equities FoFs Mixed FoFs Real Estate

Market Share TrendsJapanese Pension Market Share Trend by Product

True Negotiated Fee Benchmarks

0

10

20

30

40

50

60

70

80

< 50m 50 - 100m 100 - 250m 500m + 250 - 500m

Market Median My Median

HK Pensions Global Active Equity Separate Account True Fee

Market Share AnalysisAPAC Pension Market Share Matrix (inc. Cross-Border Business)

Tru

e N

ego

tiat

ed F

ee B

PS

Mar

ket

Shar

e %

How is my business performing relative to

the competition?

Am I pricing competitively?

How am I tracking against my growth

targets?

GMI Benchmarking AnalyticsMarket share and competitive positioning

Where am I winning, where am I losing, and

how do I compare?

9© 2019 |

-300

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-200

-150

-100

-50

0

50

100

150

200

Jan-16 Jan-17 Jan-18 Jan-19

Bank Discount Dual Registered Independent

Private Bank RIA Retirement Retirement-5500

Trust Co Wirehouse

-50

0

50

100

150

200

-7,500

-2,500

2,500

7,500

12,500

17,500

22,500

27,500 AUM NetFlow

Detailed Client AnalysisGlobal AUM and 2018 Net-Flow ($B)

0% 10% 20%

Callan Associates

Aon Hewitt

StepStone Group LP

Mercer Investment…

Meketa Investment Group

NEPC

Portfolio Advisors LLC

TorreyCove Capital Partners…

Hamilton Lane Advisors LLC

Cambridge Associates

Named Sub-Advisor EMEA 3rd Party Sub-Advised AUM ranked by group (B$)

Named ConsultantQ4 Intermediated DB Alternatives Gross Flow (%)

0 100

BNP Paribas

Nordea AB

Russell Group

Amundi

Universal-Investment GmbH

GAM Holding

Marsh Mc Lennan Companies

St James's Place Group

Lloyds Banking Group plc

DWS

AU

M $

B

Net

-Flo

w $

B

Which channels and client groups present the best opportunity

for my products?

Am I covering the intermediaries that are

driving flows in my focus segments?

Net

-Flo

w $

B

Which distribution channels are growing for my products and in

which markets?

US Fund Distributor Net-FlowTrends in Distributor Channel

+17% 3yr CAGR

GMI Distribution AnalyticsNamed intermediary and distributor analysis

10© 2019 |

Fun

d 3

yr R

etu

rn %

Sector 3yr Return %

Performance Factor Analysis Active Flexible Bond SectorFee Quintile (BPS)

Fee Quintile (AUM %)

Fee Quintile (Net-Flow $)

Return Decile (3ry Return %)

Return Decile (AUM $)

Return Decile (Net-Flow $)

What are the factors that will enable me to compete effectively?

How can I visualise my competitive landscape?

Competitive Positioning Analysis Active Equity Fund Return vs Sector Return

GMI Competitive AnalyticsEvaluate competitive landscape, positioning and performance factors

1st Fee Quintile

2nd Fee Quintile

3rd Fee Quintile

4th Fee Quintile

5th Fee Quintile

1st Return Decile

2nd Return Decile

3rd Return Decile

4th Return Decile

5th Return Decile

6th Return Decile

7th Return Decile

8th Return Decile

9th Return Decile

10th Return Decile

Who is winning, who is losing, and what is driving

this?

11© 2019 |

Dat

a

Direct Data Access to the underlying datasets to enable members to undertake detailed analysis, modelling and integration with other datasets

Market Matrix Sizes key segments by both total and addressable assets to measure the full market opportunity and evaluate the coverage of the GMI datasets against the full market

Pla

tfo

rm

DashboardsGMI dashboards provide a powerful analytical and visualisation tool which enables members to intuitively explore and interrogate our unique datasets

Custom Reports Custom reports enable product or market analytics to be focused and aligned with our members’ strategic priorities and business structures

Benchmarks Our automated benchmarking reports provide detailed annual market share, rankings and competitive positioning metrics

Par

tner

ship Tutorials Webinars and one-one tutorials help members extract the maximum value from GMI with practical guidance, tips and support

Customisation Our team of experts work closely with our members to help them build custom visualizations and automated sales and benchmarking reports

Analytical Support Our team of analysts support members with more complex analytical queries and data issues

Pu

blic

atio

ns

& E

ven

ts

Published ReportsOur regular reports bring the GMI dataset to life by bringing together our unique analytics and our Insights work to explore the drivers of key themes and trends unearthed by the dataset each quarter

Global EventsGlobal events bring our members together and enable us to present our unique analytics, insights from our team of experts, and future development plans in a social setting

Webinar Series Regular GMI webinars are delivered by Broadridge's Insights team which can be joined live as an interactive session, or accessed at any time on the GMI platform

GMI Service and Partnership A close working relationship with our members driven by our 11 part service

20110

No part of this document may be distributed, reproduced or posted without the express written permission of Broadridge Financial Solutions, Inc.©2018 Broadridge Financial Solutions, Inc. All rights reserved. Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.