Recent Trends: Institutional Investors Statistics

This section presents the latest data on institutional investors in Member

Countries. It was prepared by the OECD Financial Statistics Unit. The following
exhibits are included:
● Table 1: Financial assets of institutional investors (as per cent of GDP).
● Table 2: Portfolio composition of institutional investors (as per cent of
total financial assets).
● Figure 1: Total financial assets by type of investor (billions of US dollars).
● Figure 2: Average annual growth rates of financial assets.
● Figure 3: Total financial assets in 1999 (as per cent of GDP).
● Figure 4: Trends in the financial assets of institutional investors (billions
of US dollars).

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© OECD 2001
Financial Market Trends, No. 80, September 2001

Table 1. Financial assets, of institutional investors1

As per cent of GDP

1992 1993 1994 1995 1996 1997 1998 1999p 2000p

Australia 61.6 71.9 65.9 86.2 92.4 105.2 115.6 127.9 131.2
Austria2 24.1 28.5 30.4 35.0 40.3 47.0 54.6 68.4 ..
Belgium 47.2 57.6 56.0 58.1 64.5 73.3 88.1 101.9 ..
Canada 68.6 76.8 80.2 83.1 92.1 100.3 108.8 112.7 111.3
Czech Republic .. 22.8 17.3 17.8 21.4 19.0 16.8 20.3 ..
Denmark 55.7 63.9 62.2 65.1 70.6 77.5 84.8 98.0 ..
Finland 41.1 43.8 49.3 49.6 61.7 65.6 77.1 92.1 ..
France 61.9 73.9 71.8 77.7 86.6 97.0 107.3 125.4 133.3
Germany 34.0 38.9 41.3 45.3 50.6 58.7 66.1 76.8 79.7
Greece3 3.0 6.7 8.4 12.8 16.9 26.6 29.9 40.1 ..
Hungary 2.5 2.8 3.9 4.4 6.1 7.5 8.9 10.7 12.8
Iceland 55.3 62.4 66.7 71.7 79.6 86.6 96.3 111.3 110.1
Italy 21.8 28.2 32.2 32.0 39.0 53.9 79.6 96.9 ..
Japan 78.0 83.4 81.6 89.3 89.3 87.6 91.7 100.5 ..
Korea 51.8 55.2 53.7 54.7 57.3 63.3 88.1 88.5 72.6
Luxembourg 1 574.3 2 119.1 1 945.6 2 020.6 2 057.0 2 612.7 3 049.0 4 172.3 ..
Mexico4 5.6 7.3 5.4 4.5 4.6 4.9 6.1 8.3 8.3
Netherlands5 131.5 149.1 144.5 154.5 167.6 181.9 193.2 212.8 209.6
Norway 36.4 42.0 41.4 42.4 43.5 46.6 47.7 53.9 ..
Poland6 – 0.6 1.9 1.5 2.0 2.6 3.2 4.2 5.4
Portugal 18.3 27.5 29.8 38.3 43.2 53.4 48.7 50.8 ..
Spain 21.9 29.3 32.3 33.4 44.3 56.0 66.5 65.4 62.1
Sweden 88.8 105.7 97.9 102.9 118.5 136.8 123.2 137.8 ..
Switzerland7 122.5 70.0 141.3 75.3 164.2 93.1 200.4 83.2 ..
Turkey 0.6 1.2 1.3 1.0 1.7 1.6 1.7 3.4 ..
United Kingdom 131.3 163.0 143.8 164.0 173.4 195.5 203.6 226.7 ..
United States 127.2 136.3 135.9 151.9 162.9 178.4 192.0 207.3 195.2

p: Provisional.
1. Insurance companies, investment companies, pension funds and other forms of institutional savings.
2. 1992: excluding pension funds.
3. 1992: excluding investment companies.
4. 1992-96: excluding pension funds.
5. 2000: excluding non-life insurance companies.
6. 1992-93: excluding insurance companies.
7. 1993, 95, 97: excluding pension funds. 1999: includes only insurance companies.
Note: Data are not available for Ireland and Slovak Republic. New Zealand is not included, while data coverage and
definitions are different.
Source: OECD, Institutional Investors Statistical Yearbook 2001 (forthcoming).

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© OECD 2001
 Recent Trends: Institutional Investors Statistics

Table 2. Portfolio composition of instituional investors

As per cent of total financial assets

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999p

Australia
Bonds 37 35 39 37 37 28 27 27 27 23
Loans 11 10 9 7 7 5 5 5 5 5
Shares 39 43 42 47 46 45 46 46 45 50
Other 12 12 10 9 10 22 22 22 23 22
Austria1
Bonds 51 51 49 50 50 49 51 53 53 50
Loans 24 24 25 22 22 22 20 16 13 9
Shares 5 5 5 6 7 9 9 11 12 15
Other 20 20 21 21 21 21 20 20 22 26
Belgium
Bonds 49 52 51 54 54 58 56 52 47 41
Loans 16 15 13 11 10 9 8 7 6 5
Shares 19 20 19 20 22 22 23 27 32 38
Other 16 14 17 16 14 12 13 14 16 16
Canada
Bonds 50 49 48 47 46 45 44 43 43 43
Loans 16 16 15 14 13 11 10 8 7 6
Shares 20 21 21 22 23 24 24 27 27 27
Other 8 7 7 7 7 8 9 9 9 9
Foreign Securities2 6 7 8 10 11 12 13 13 14 15
Czech Republic
Bonds .. .. .. – 5 8 23 23 42 55
Loans .. .. .. 15 2 2 1 1 1 1
Shares .. .. .. 54 56 47 39 36 21 17
Other .. .. .. 11 37 43 37 40 35 27
Denmark
Bonds 65 62 62 61 62 62 61 58 55 47
Loans 4 4 4 3 2 2 1 1 1 1
Shares 21 24 25 28 28 29 31 36 38 46
Other 9 9 9 8 8 7 6 6 6 6
Finland
Bonds 13 15 18 26 32 40 48 48 47 42
Loans 68 67 65 55 41 34 22 17 12 9
Shares 17 17 15 16 25 22 27 33 40 48
Other 2 2 3 3 2 3 3 2 1 1
France
Bonds 65 66 66 67 66 62 61 58 54 47
Loans 4 5 8 4 5 4 4 4 3 3
Shares 22 20 19 22 22 23 25 30 34 42
Other 9 9 8 7 7 11 10 9 8 9
Germany
Bonds 39 41 42 43 42 43 43 42 43 40
Loans 47 45 43 40 40 40 38 34 30 28
Shares 9 10 10 12 12 12 14 19 22 28
Other 5 5 4 5 6 5 5 5 5 5
Greece 3
Bonds 35 46 50 52 56 53 61 50 38 23
Loans – – – – – – – – – –
Shares 46 30 24 18 14 10 7 8 12 43
Other 19 24 26 29 29 35 32 42 49 34 47

© OECD 2001
Financial Market Trends, No. 80, September 2001

Table 2. Portfolio composition of instituional investors (cont.)

As per cent of total financial assets

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999p

Hungary
Bonds .. 26 31 53 68 72 69 72 79 80
Loans .. 11 8 4 4 6 10 – – –
Shares .. 13 12 8 4 3 6 9 7 7
Other .. 50 49 35 23 19 16 18 14 13
Iceland
Bonds 29 30 33 39 45 47 50 53 54 49
Loans 62 59 56 45 39 36 33 28 23 20
Shares 2 3 2 2 3 3 6 12 15 24
Other 8 8 9 14 13 13 11 8 8 6
Italy
Bonds 69 75 77 76 70 72 75 68 64 53
Loans 2 1 1 1 – – – – – –
Shares 16 10 9 11 15 14 12 14 15 23
Other 13 12 13 12 14 14 13 18 20 24
Japan
Bonds 31 36 37 38 41 44 47 48 49 49
Loans 26 29 29 28 29 26 26 26 23 21
Shares 32 24 22 22 18 19 17 15 16 19
Other 10 11 12 13 12 11 10 11 12 11
Korea
Bonds 31 29 34 37 36 35 36 37 54 49
Loans 36 35 32 31 32 31 30 30 20 17
Shares 19 16 14 12 14 13 12 8 4 11
Other 15 20 20 19 17 21 23 25 22 23
Luxembourg4
Bonds .. .. .. .. .. 72 72 68 64 59
Loans .. .. .. .. .. – – – – –
Shares .. .. .. .. .. 14 14 20 25 29
Other .. .. .. .. .. 14 14 13 11 12
Mexico5
Bonds 80 73 61 77 69 67 75 77 89 89
Loans 1 1 2 1 3 2 1 1 1 1
Shares 16 21 30 15 20 21 17 16 8 8
Other 4 5 8 7 9 10 7 6 2 2
Netherlands
Bonds 17 19 22 24 24 27 29 31 32 28
Loans 54 51 47 41 40 36 31 26 22 18
Shares 14 16 16 21 21 23 28 32 36 43
Other 15 15 15 14 14 13 12 12 11 11
Norway
Bonds 39 41 43 50 51 57 56 54 52 44
Loans 33 31 32 23 21 16 13 8 7 5
Shares 14 13 11 14 15 16 20 29 31 41
Other 15 15 14 12 13 11 11 9 10 10
Poland6
Bonds .. .. 78 56 52 54 60 51 58 70
Loans .. .. – – 1 1 1 – 1 2
Shares .. .. 17 26 17 23 23 34 15 17
48 Other .. .. 5 18 30 22 15 14 26 11

© OECD 2001
 Recent Trends: Institutional Investors Statistics

Table 2. Portfolio composition of instituional investors (cont.)

As per cent of total financial assets

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999p

Portugal
Bonds 90 85 85 78 64 68 72 62 58 57
Loans 1 – – – – 1 1 1 1 1
Shares 2 2 2 3 5 9 9 13 14 18
Other 8 12 12 19 31 22 18 24 27 24

Spain
Bonds 46 47 46 49 51 47 52 50 53 52
Loans 4 3 2 2 2 1 1 1 1 1
Shares 11 7 6 6 6 7 8 12 17 24
Other 39 43 46 43 40 45 39 38 29 23

Sweden
Bonds 57 59 62 60 57 57 54 48 57 49
Loans 12 10 10 8 7 7 4 6 4 4
Shares 28 29 27 31 34 35 40 45 57 73
Other 2 1 1 1 1 1 2 2 1 2

Switzerland 7
Bonds 40 44 42 42 40 43 40 44 39 42
Loans 42 30 32 25 27 23 22 18 18 21
Shares 12 14 14 22 23 25 28 31 33 31
Other 6 12 12 11 11 10 10 7 10 7

Turkey
Bonds 77 76 81 78 83 83 85 78 78 69
Loans – 1 1 – – – – – – –
Shares 13 14 10 16 10 7 8 13 10 11
Other 9 9 9 5 7 10 7 9 12 19

United Kingdom
Bonds 14 13 14 15 16 16 16 16 17 14
Loans 2 1 1 1 1 1 1 1 1 1
Shares 66 70 68 70 69 68 67 68 65 68
Other 18 16 16 15 15 15 16 16 17 17

United States
Bonds 45 44 45 45 44 40 38 35 34 32
Loans 16 14 13 11 11 10 9 9 8 8
Shares 25 29 30 33 33 38 42 46 48 51
Other 14 13 12 11 11 11 11 10 10 10

p: Provisional
1. 1990-92: excluding pension funds.
2. Data for the foreign portion of bills, bonds, loans and shares are not available separately.
3. 1990: excluding insurance companies; 1990-92: excluding investment companies.
4. Including only insurance companies.
5. 1990-96: Excluding pension funds.
6. 1990-94: excluding insurance companies.
7. 1993, 95, 97: excluding pension funds. 1999: including only insurance companies.
Notes:
Data are not available for Ireland and Slovak Republic. New Zealand is not included, while data coverage and
definitions are different.
Cash and deposits are also included under category "Other".
Source: OECD, Institutional Investors Statistical Yearbook 2001 (forthcoming).
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© OECD 2001
Financial Market Trends, No. 80, September 2001

Figure 1. Total financial assets by type of investor

US$ billion US$ billion

1990 1999
14 000 14 000

12 000 12 000

10 000 10 000

8 000 8 000

6 000 6 000

4 000 4 000

2 000 2 000

0 0
Insurance companies Pension funds Investment companies Other

Source: OECD, Institutional Investors Statistical Yearbook 2001 (forthcoming).

Figure 2. Average annual growth rate of financial assets, 1990-1999

Per cent Per cent
20 20

18 18

16 16

14 14

12 12

10 10

8 8

6 6

4 4

2 2

0 0
Total Investment companies Pension funds Insurance companies Other

50 Source: OECD, Institutional Investors Statistical Yearbook 2001 (forthcoming).

© OECD 2001
 Recent Trends: Institutional Investors Statistics

Figure 3. Total financial assets as per cent of GDP, 1999

Luxembourg
United Kingdom 227% 4 172%
Netherlands 213%
United States 207%
Switzerland 200%
Sweden 138%
Australia 128%
France 125%
Canada 113%
Iceland 111%
Belgium 102%
Japan 100%
Denmark 98%
Italy 97%
Finland 92%
Korea 89%
Germany 77%
Austria 68%
Spain 65%
Norway 54%
Portugal 51%
Greece 40%
Czech Republic 20%
Hungary 11%
Mexico 8%
Poland 4%
Turkey 3%
0

Notes: Data are not available for Ireland and Slovak Republic. New Zealand is not included, while data coverage and definitions
are different.
1998 data for Switzerland.
Source: OECD, Institutional Investors Statistical Yearbook 2001 (forthcoming).

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© OECD 2001
Financial Market Trends, No. 80, September 2001

Figure 4. Trends in financial assets of institutional investors

US$ billion US$ billion

Loans Shares Bonds Other

40 000 40 000

35 000 35 000

30 000 30 000

25 000 25 000

20 000 20 000

15 000 15 000

10 000 10 000

5 000 5 000

0 0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Source: OECD, Institutional Investors Statistical Yearbook 2001 (forthcoming).

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© OECD 2001