The 20 international investment firms surveyed – which manage €1.7 trillion of European assets – believe Germany offers the best opportunity for potential, while the UK and the Netherlands offer the best opportunities for size and sophistication. However, Cerulli acknowledges in its research that while those countries are seen as "relatively rich", they still have a long way to go to reach US levels of DC penetration.
According to the research firm, growth can be tapped in apparently disparate markets, but there is very little synergy to harness across different countries, even when they are in the same region. It said identifying the "gatekeepers" was the easy part, but winning mandates was a more complex challenge.
Barbara Wall, director at Cerulli, said: "Performance is considered an important attribute by most European trustees and consultants, but low fees act as a trump card in competitive tenders in Italy".
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