1. Gaining power of professional buyers

2. Producer 2 Distributor 2 Producer 1 Distributor 1 Independent Producers Final clients Independent Distributors Professional Buyers Multimanagers B to C Platforms B to B Platforms Private Banks Others « Distributors or assemblers that use quality criteria – both qualitative and quantitative – to outsource portfolios to 3rd party asset managers » « … and gaining power of professional buyers »

3. Multimanagers: One of the fastest growing segments of professional buyers European retail multimanagers assets under management (€, bn) European retail multimanagers assets as proportion of LT mutual funds Source: Cerulli 2005 « European Distribution Dynamics » 9.1% 8.9% 6.4% 2002 2003 2004 2005 E 2006 E 2009 E € 152 € 219 € 247 € 280 € 404 +18% c.a.g.r € 189 2002 2003 2004 c.a.g.r: compounded annual growth rate

4. Do you offer 3rd party funds? Source: Datamonitor « Mutual Fund Distribution in Europe » 2006 YES! 75.3% No 24.7% YES! Spain Italy France B/NL Germany UKNordic Region 90% 85% 80% 70% All European actors together 75% 65% Private Banks: open architecture, a reality