AbstractThis
paper analyses developments in the growth and configuration of the institutional
savings markets within the European Union. The paper discusses the changing
socio-economic context in which investment services within the EU are being
delivered. The is followed by an examination of drivers of market
integration such as the growth and consolidation of the fund management
industry, the demographic and fiscal pressures for reform of pensions markets
and the process and effects of the deregulation of investment services
markets. There is a review of outstanding sources of market segmentation.
The projections for future growth in pensions are outlined and implications
for real estate investment assessed. It is concluded that, although
numerous imponderables render reliable quantitative projections problematic,
growth and restructuring of the institutional savings market is likely
to increase cross-border capital flows to real estate markets.
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