Lipper European fund market review 2014

REUTERS/YURIKO NAKAO

EUROPEAN FUND
MARKET REVIEW
2014 EDITION

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EUROPEAN FUND
MARKET REVIEW
2014 EDITION

OVERVIEW
The following report is based on the unique fund flows
information delivered through Lipper FundFile, our
leading global fund flows database. The charts and
tables in this report reflect only the tip of the iceberg
in terms of the depth and breadth available from
Lipper within FundFile. The report offers a high-level
overview of European fund flows activity in 2013.
Lipper FundFile allows deep fund flows analysis of all
key geographical markets covering: Asia Pacific, Latin
America, the Middle East and Africa, and the U.S., and
delivers a truly global fund flows solution.
By gradually building the international reach of global
sales data, the high quality and ease of use that
have made FundFile the unparalleled source of data
and analysis–compiling information on more than
100,000 funds over the past ten years–have been
maintained.
The cross-border dimension of the European funds
industry–the “international” fund market–can only
truly be assessed with Lipper SalesWatch, a unique
cooperative, confidential benchmarking service
that allows leading fund groups to track their crossborder sales and assets against their competitors’ by
country, distribution channel, institutional versus retail
activity, and both gross and net sales. This service now
counts 50 of the leading asset managers among its
members. Some sample data taken from the tool can
be seen on pages 17 and 18 of the current report.
Over the course of the year 2013 the European fund
industry enjoyed net sales of €183.5bn into mutual
funds. These consisted of sales of €96bn into bond
funds, €92bn into equity funds and €85bn into mixedasset funds. The highest outflows were seen in money
market funds (-€93bn) and commodity funds (-€8bn).
This year stands in considerable contrast to 2012
which saw the complete domination of sales into bond
funds. Whilst there is no substantial evidence that the
bond bubble is bursting, 2013 has been characterised
by a considerable uptake in investor risk appetite

which has been reflected by more robust flows into
equity funds. Equity sales have increased in all major
countries (with the notable exception of Germany with
outflows of -€6bn). For 2013 Global and European
equities were ranked third and fourth respectively with
around €26bn of net sales.
There was a marked inflection point in May and June
2013 with the first mentioning of “tapering” which
spooked the market and resulted in large adjustments
in fixed income composition. Interestingly, investors
didn’t cash in their chips with bonds, but rather
de-risked within the sector - moving out of EM debt
and local currency bonds into better rated global
currency and western high yield bonds. Indeed, global
currency debt came in at number two on the sales hit
parade at €27bn and more nimble flexible bond funds
taking nearly €24bn.
In what is clearly a volatile asset allocation
environment, there has been considerable growth
into Mixed Asset funds (€85bn) which have proven
particularly popular in Italy (€18bn) the UK (€12bn)
and Germany (€10bn). The bulk of these mixed flows
have come in via the cross border funds (€37bn)
showing that the trend may be geographically
wider than mere regional sales suggest. Certainly,
sophisticated products like Standard Life Gars
(€4.2bn) haven continued to raise the profile of
the sector.
In terms of group success, BlackRock has maintained
its number one ranking with €32bn of European sales
however, given that this figure includes a substantial
book of passive business, JP Morgan should be
considered the top active house with flows of €21bn.
The most notable omission in the league table is
PIMCO. In light of the bond tapering scare, recent poor
performance of their flagship fund and the departure
of CIO/CEO Mohamed El-Erian, they have slipped
from number one in 2012 (€35bn) to outside of the top
25 for 2013.

KEY DATA:
TOTAL # OF
MASTER GROUPS

1,975
TOTAL # OF COMPANIES

2,899
TOTAL # OF FUNDS

37,870
FUND LAUNCHES

2,655
FUND CLOSURES

3,552
TOTAL NET ASSETS
(DECEMBER 2013)

€6,380BN
ASSET GROWTH
(2012-2013)

€433.2BN
ESTIMATED
NET SALES (2013)

€183.5BN
ESTIMATED
NET SALES (H1 2013)

€121.8BN
ESTIMATED
NET SALES (H2 2013)

€61.7BN

EUROPEAN FUND MARKET REVIEW

2014 EDITION

OVERVIEW
FIGURE 1

EUROPEAN NET SALES IN 2013 (€M)
Bond

Equity

Mixed Assets

Money Market

Other

80,000
60,000
40,000
20,000
0
-20,000
-40,000
-60,000
-80,000
Jan

FIGURE 2

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

GLOBAL NET SALES IN 2013 (€M)
Bond

Equity

Mixed Assets

Money Market

Other

400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
-50,000
-100,000
-150,000
USA

Europe

Asia Pacific

Latin America

4

MEA

Dec


2014 EDITION

BEST SELLERS
FIGURE 3

BEST-SELLING EQUITY FUNDS IN 2013
FUND
M&G Global Dividend

Global

3,695.0

Polar Capital Funds Plc - Japan Fund

Japan

2,358.8

AllianceBernstein SICAV - Select US Equity Portfolio

North America

2,177.0

BlackRock - UK Equity Tracker

United Kingdom

2,121.0

iShares MSCI Japan EUR Hedged UCITS ETF

FIGURE 4

EQUITY CLASSIFICATION NET SALES (€M)

Japan

1,999.7

BEST-SELLING BOND FUNDS IN 2013
FUND

Global

6,737.3

M&G Optimal Income Fund

Flexible

5,541.8

ING (L) Renta Fund Global High Yield

Global High Yield

3,493.6

PIMCO GIS Income Fund

Global

3,183.5

SKY Harbor - U.S. Short Duration High Yield Fund

FIGURE 5

BOND CLASSIFICATION

Templeton Global Total Return Fund

NET SALES (€M)

USD Corp. High Yield

2,636.1

BEST-SELLING MIXED FUNDS IN 2013
FUND

MIXED CLASSIFICATION

Standard Life Global Absolute Return Strategies

Asset Allocation

NET SALES (€M)
4,215.4

JPMorgan Investment Funds - Global Income

Mixed Balanced

3,938.5

Schroder ISF-Global Multi-Asset Income

Asset Allocation

2,841.1

Standard Life Global SIVAV Absolute Return Strategies Asset Allocation

2,573.3

Baillie Gifford Diversified Growth

2,571.9

Asset Allocation

5


2014 EDITION

EUROPEAN SALES
FIGURE 6

EUROPEAN MARKET RANKING BY ESTIMATED NET SALES IN 2013 (€M)

RANK FUND MARKET
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

BOND

COMMODITY

EQUITY

MIXED

MM

MM ENH PROPERTY

OTHER

TOTAL

International
Spain
Italy
Sweden
United Kingdom
Germany
Norway
Poland
Hungary
Finland
Romania
Czech Republic
Portugal
Slovakia
Austria
Denmark
Russia
Malta
Bulgaria
Estonia
Croatia
Lithuania
Ukraine
Latvia
Liechtenstein
Slovenia
Luxembourg
Turkey
Greece
Belgium
Netherlands
Switzerland
France

71,848.1
17,074.0
1,704.0
2,884.9
-4,435.6
4,134.5
4,241.0
-408.5
1,127.3
827.9
530.6
39.3
-191.4
44.4
236.3
-1,132.6
648.0
79.2
15.7
-5.2
19.1
2.0
-0.3
16.4
-49.8
-13.7
-131.6
175.5
-412.8
-1,943.1
-731.6
4,282.4
-4,091.7

-1,939.0
-0.0
48.4
4.9
-1.5
-616.2
-16.1
1.6
-0.7
-5.2
4.3
5.5
-11.2
-0.7
-2.2
-96.6
-0.9
119.8
7.3
-4,891.9
-407.4

94,524.5
2,831.5
182.3
4,213.6
188.2
-5,932.9
1,247.3
683.7
-36.4
1,187.3
-3.4
235.2
-50.6
38.1
300.0
-179.1
-158.2
21.3
10.6
60.7
-23.2
-2.2
-0.3
-0.7
27.9
-62.0
217.8
127.2
-117.5
-2,974.4
-1,713.3
-4,860.4
2,435.2

37,227.1
2,006.3
17,858.7
2,015.1
11,932.6
9,590.6
93.3
754.7
159.7
-1,329.6
27.0
158.0
-465.4
105.5
-281.5
343.5
-70.2
29.1
7.4
-19.1
0.4
-3.2
2.1
-22.5
-22.0
-353.8
15.9
21.4
3,590.8
-1,007.5
1,351.8
1,352.7

-54,198.1
3,413.1
-869.5
1,450.8
717.4
-1,849.0
-1,079.6
1,719.5
772.0
774.4
186.9
-177.4
1,456.5
92.0
-123.6
78.1
3.2
9.2
26.3
66.8
-0.7
-22.5
13.4
-193.2
-746.9
-232.0
-139.0
-27.8
-3,824.0
-41,233.2

-2,046.2
272.6
701.8
60.9
-82.9
-44.2
2.4
131.0
1.9
-2.7
0.1
-3.7
34.3
-0.3
-0.6
-0.5
62.8
-23.3
219.0
3,307.6

347.3
-15.3
1,298.1
527.3
231.4
4.6
38.8
-148.2
230.5
604.0
0.0
306.9
-

11,256.0
-5,602.5
-330.0
838.1
-318.8
-217.8
-58.1
-47.0
226.5
-192.8
19.7
375.9
-15.0
-2.4
-249.3
1,328.9
4.3
37.8
0.0
0.0
0.0
4.7
0.0
0.0
-4.9
0.0
25.5
-2.6
-28.1
-1,970.5
-142.2
1,620.2
-1,210.3

157,019.7
19,979.5
19,295.8
11,407.5
9,441.3
5,553.5
4,427.8
2,659.8
2,482.2
1,397.4
762.7
671.5
585.9
508.2
487.6
473.1
416.1
176.4
59.3
55.5
43.5
4.4
-4.5
-4.7
-52.0
-84.3
-435.3
-527.5
-707.1
-3,339.6
-3,615.1
-5,796.0
-39,847.2

TOTAL EUROPE

96,382.7

-7,797.8

92,417.4

85,069.0

-93,936.6

2,589.8

3,425.4

5,345.2

183,495.3

6


2014 EDITION

ALL SECTOR RANKING
FIGURE 7
RANK

TOP 25 SECTORS IN EUROPE (€M)
FUND SECTOR
Asset Allocation
Bonds Global Currencies
Equities Global
Equities Europe
Bonds Flexible
Equities Japan
Fund of Funds Asset Allocation
Bonds USD Corp. High Yield
Bonds EUR Short-Term
Equities North America
Mixed Assets Balanced
Bonds Speciality
Mixed Assets Conservative
Convertible Bonds & Options
Bonds EUR Corp. High Yield
Equities Emerging Markets
Equities Europe Mid/Small Caps
Bonds Global High Yield
Fund of Funds Balanced
Fund of Funds Conservative
Equities Speciality
Equities North America Mid/Small Caps
Target Maturity Euroland
Target Maturity Other
Fund of Funds Bonds
REST
TOTAL

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

ENS 2013
59,944.0
26,847.1
25,701.7
25,567.5
23,457.5
16,130.0
14,002.1
13,734.9
13,552.1
13,350.4
13,172.5
12,133.7
11,483.4
11,458.3
9,588.7
9,088.0
7,723.9
7,572.9
7,481.9
6,913.3
6,742.6
6,554.3
6,446.6
6,082.4
5,555.2
-137,178.5
223,106.6

Note: Includes funds of funds.

FIGURE 8

TOP AND BOTTOM FIVE SECTORS BY SALES

80000.00
60000.00
40000.00
20000.00
0.00
-20000.00
-40000.00
-60000.00
-80000.00
Asset Alloc Bnd Gl Curr Eq Global

Eq Europe

Bnd Flex

Eq UK

Guarant'd

7

Bnd USD

MM USD

MM Euro


2014 EDITION

ALL SECTOR RANKING
FIGURE 9

SECTOR POSITIONING BY SALES AND PERFORMANCE CONTRIBUTION TO
ASSET GROWTH IN 2013 (€M)

80,000
Eq Global
70,000

Performance contribution (€m)

60,000

50,000

Eq UK
Eq Nth Am

40,000
Eq Europe
30,000

20,000

Eq Euroland

Eq DE

Eq Europe Ex UK

Eq Japan

10,000

0
Bnd Gl Curr

Bnd USD
-10,000

-20,000
-20,000

Commod

-10,000

Asset Alloc

Mix Bal
Bnd USD Corp HY

Bnd Eur CIG

Bnd Eur Sh-T

Bnd Flex

Eq Em Mkt

Bnd Gl Curr

Bnd Em Mkt Loc Cur
0

10,000

20,000

30,000

Sales contribution (€m)

Note: Excludes money market funds.

8

40,000

50,000

60,000

70,000


2014 EDITION

PAN-EUROPEAN MASTER GROUPS SALES
FIGURE 10 TOP 25 EUROPEAN MASTER GROUPS BY SALES IN 2013 (€M)
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

MASTER GROUP

NAT

# FUNDS

ENS 2013

BlackRock
JP Morgan
Fr Templeton
Vanguard
Prudential/M&G
Standard Life
Schroders
Goldman Sachs
Intesa SP
Nordea
Neuberger Berman
BNY Mellon
Pioneer
Invesco
Baillie Gifford
Polar Capital
UBP
BP Cooperativa
Santander
Wellington
MMC/Mercer
Leonardo
Stone Harbor
Babson
MFS
TOP 25
REST
TOTAL

US
US
US
US
GB
GB
GB
US
IT
SE
US
US
IT
US
GB
GB
CH
IT
ES
US
US
IT
US
US
US

497
233
107
44
117
90
200
101
463
261
21
203
439
142
29
16
72
48
261
45
39
29
14
5
38
3,514
26,889
30,403

32,453.4
21,301.3
10,847.9
8,575.1
7,847.0
7,395.3
6,251.2
5,819.5
5,561.4
5,432.2
5,285.1
5,100.1
5,077.3
4,105.0
4,063.8
3,585.9
3,572.2
3,380.4
3,322.4
3,295.2
3,083.8
3,058.7
3,044.8
3,010.9
2,966.0
167,435.9
109,996.0
277,431.8


FIGURE 11 MARKET SHARE OF LEADING MASTER GROUPS BY SALES
16-25
19%

Top 5
49%

6-15
32%

9


2014 EDITION

PAN-EUROPEAN FUND LEADERS SALES
FIGURE 12 TOP 25 FUNDS BY ESTIMATED NET SALES IN 2013 (€M)
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

MASTER GROUP

NAT

FUND NAME

DOMICILE

Fr Templeton
Prudential/M&G
Standard Life
JP Morgan
Prudential/M&G
ING
PIMCO
Schroders
SKY Harbor
JP Morgan
Standard Life
Baillie Gifford
Morgan Stanley
BlackRock
Santander
Baring
Allianz GI
Polar Capital
Neuberger Berman
ETHENEA
PIMCO
AXA/AB
PIMCO
BlackRock
JP Morgan
TOTAL TOP 25
REST
TOTAL

US
GB
GB
US
GB
NL
US
GB
US
US
GB
GB
US
US
ES
US
DE
GB
US
LU
US
FR
US
US
US

Templeton Global Total Return Fund
M&G Optimal Income Fund
Standard Life Global Absolute Return Strategies
JPMorgan Investment Funds - Global Income
M&G Global Dividend
ING (L) Renta Fund Global High Yield
PIMCO GIS Income Fund
Schroder ISF-Global Multi-Asset Income
SKY Harbor U.S. Short Duration High Yield
JPMorgan Funds - Income Opportunity Fund
Standard Life Global SICAV Absolute Return Strategies
Baillie Gifford Diversified Growth
Morgan Stanley-Diversified Alpha Plus Fund
BlackRock Global Funds - Global Allocation Fund
Santander Fondepositos, FI
Baring Dynamic Asset Allocation Fund
Allianz Income and Growth
Polar Capital Funds Plc - Japan Fund
Neuberger Berman High Yield Bond Fund
Ethna-AKTIV E
PIMCO GIS Diversified Income Duration Hedged Fund
AllianceBernstein SICAV - Select US Equity Portfolio
PIMCO GIS Unconstrained Bond Fund
BlackRock UK Equity Tracker
JPMorgan Funds - JF Asia Pacific Income Fund


FIGURE 13 MARKET SHARE OF BEST-SELLING 25 FUNDS

Top 25
42%
Rest
58%

10

LU
UK
UK
LU
UK
LU
IE
LU
LU
LU
LU
UK
LU
LU
SP
IE
LU
IE
IE
LU
IE
LU
IE
UK
LU

LAUNCH
DATE
Aug-03
Nov-06
Jan-08
Dec-08
Jul-08
Apr-01
Nov-12
Apr-12
Apr-12
Jul-07
Jan-11
Dec-08
Jun-08
Jul-93
Mar-08
Jan-07
Jun-11
Oct-01
May-06
Oct-01
May-11
Oct-11
Oct-08
Jul-05
Jun-01

TYPE

ENS 2013

Bnd
Bnd
Mix
Mix
Eq
Bnd
Bnd
Mix
Bnd
Bnd
Mix
Mix
Mix
Mix
Bnd
Mix
Mix
Eq
Bnd
Mix
Bnd
Eq
Bnd
Eq
Mix

6,737.3
5,541.8
4,215.4
3,938.5
3,695.0
3,493.6
3,183.5
2,841.1
2,636.1
2,609.5
2,573.3
2,571.9
2,536.8
2,513.6
2,506.8
2,497.6
2,403.4
2,358.8
2,333.5
2,329.7
2,257.0
2,177.0
2,129.3
2,121.0
2,106.0
74,307.5
104,179.9
161,357.3


2014 EDITION

PRODUCT THEMES
EXCHANGE TRADED FUNDS
FIGURE 14

TOP 10 MASTER GROUPS BY SALES IN 2013 (€M)

RANK MASTER GROUPS
1
2
3
4
5
6
7
8
9
10

ASSETS DEC 2013

ENS 2013

US
US
US
US
CH
FR
DE
NL
FR
US

BlackRock
Vanguard
State Street
Source
UBS
Amundi
Deka
ThinkCapital
Natixis
Invesco
TOTAL TOP 10
TOTAL

FIGURE 15

145,538.5
3,106.7
8,371.6
9,889.7
11,291.3
11,309.5
5,457.6
721.2
824.3
1,209.6
197,720.1
289,537.3

12,407.1
2,659.9
2,452.9
2,074.0
1,595.4
797.1
673.7
557.2
230.5
174.6
23,622.5
13,824.0

TOP 10 FUNDS BY SALES IN 2013 (€M)

RANK MASTER GROUPS
1
2
3
4
5
6
7
8
9
10

NAT

BlackRock
Vanguard
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
DeAWM
Amundi
TOTAL TOP 10
TOTAL

FUND NAME

ENS 2013

iShares MSCI Japan EUR Hedged UCITS ETF
Vanguard S&P 500 UCITS ETF
iShares Euro Government Bond 3-5yr UCITS ETF
iShares STOXX Europe 600 (DE)
iShares MSCI World UCITS ETF (Inc)
iShares EURO STOXX 50 UCITS ETF (Inc)
iShares $ Treasury Bond 1-3yr UCITS ETF
iShares Euro Corporate Bond UCITS ETF
Db x-trackers II iBoxx Sovereigns Eurozone Yield Plus UCITS ETF
Amundi Govt Bond Lowest Rated EuroMTS invest. Grade UCITS ETF

1,999.7
1,658.4
1,115.9
898.2
869.0
864.0
779.2
774.0
731.4
712.7
10,402.4
13,824.0

11


2014 EDITION

PRODUCT THEMES
BONDS USD CORP. HIGH YIELD
FIGURE 16


RANK MASTER GROUPS
1
2
3
4
5
6
7
8
9
10

ASSETS DEC 2013

ENS 2013

US
US
FR
DE
US
IT
US
CH
IT
CH

Neuberger Berman
SKY Harbor
AXA/AB
Allianz GI
Goldman Sachs
UBI
BlackRock
UBS
Pioneer
UBP
TOTAL TOP 1O
TOTAL

FIGURE 17

9,749.2
3,813.6
18,297.3
5,544.8
2,113.4
1,491.5
4,936.2
3,986.3
1,568.0
913.7
52,414.0
87,908.1

2,849.4
2,742.6
2,602.4
1,589.3
1,197.3
1,165.6
763.1
748.2
610.7
487.1
14,755.7
13,734.9


RANK MASTER GROUPS
1
2
3
4
5
6
7
8
9
10

NAT

SKY Harbor
Neuberger Berman
Allianz GI
AXA/AB
AXA/AB
Goldman Sachs
UBI
Pioneer
UBS
Neuberger Berman
TOTAL TOP 1O
TOTAL

FUND NAME

ENS 2013

SKY Harbor U.S. Short Duration High Yield Fund
Neuberger Berman High Yield Bond Fund
Allianz Global Investors Fund - Allianz US High Yield
AXA World Funds - US High Yield Bonds
AXA IM FIIS - US Short Duration High Yield
GS Global High Yield Portfolio
UBI SICAV - High Yield Bond
Pioneer Funds - US High Yield
UBS (Lux) Bond Sicav - USD High Yield (USD)
Neuberger Berman Short Duration High Yield Bond

2,636.1
2,333.5
1,589.3
1,547.1
1,269.4
1,244.5
1,165.6
610.7
518.2
515.9
13,430.3
13,734.9

12


2014 EDITION

PRODUCT THEMES
EQUITIES EUROPE
FIGURE 18


RANK MASTER GROUPS
1
2
3
4
5
6
7
8
9
10

ASSETS DEC 2013

ENS 2013

US
US
US
GB
US
US
FR
GB
GB
NL

BlackRock
Fr Templeton
Invesco
Alken
MFS
JP Morgan
Métropole
Henderson Global
Prudential/M&G
ABN AMRO
TOTAL TOP 1O
TOTAL

FIGURE 19

18,490.5
6,245.9
4,814.9
4,699.1
3,332.7
5,423.1
2,335.4
3,646.0
1,549.3
1,028.9
51,565.9
230,961.9

5,658.4
2,623.7
2,002.2
1,475.0
1,344.7
1,254.1
1,060.6
1,003.8
989.0
854.8
18,266.2
25,567.5


RANK MASTER GROUPS
1
2
3
4
5
6
7
8
9
10

NAT

Fr Templeton
BlackRock
Alken
Invesco
MFS
Métropole
Prudential/M&G
BlackRock
BlackRock
BlackRock
TOTAL TOP 1O
TOTAL

FUND NAME

ENS 2013

Franklin European Growth Fund
BlackRock Global Funds - European Fund
Alken Fund - European Opportunities
Invesco Pan European Equity Fund
MFS Meridian - European Value Fund
Métropole Sélection
M&G European Strategic Value Fund
iShares STOXX Europe 600
BlackRock Europe Equity Index Fund
BlackRock Global Funds - European Value Fund

1,872.5
1,547.4
1,475.0
1,388.8
1,193.4
1,076.4
969.7
898.2
819.8
779.2
12,020.4
25,567.5

13


2014 EDITION

PRODUCT DEVELOPMENT
NEW FUNDS BY SECTOR
FIGURE 20

RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

FIGURE 21

TOP 25 SECTORS OF NEW FUNDS (€M)

FUND SECTOR

# FUNDS

ENS 2013

288
114
53
123
67
144
53
170
52
57
62
38
46
19
40
27
53
4
43
64
20
14
37
54
55
1,735
2,655

18,078.8
15,532.2
10,136.5
8,141.4
6,411.9
6,244.6
6,086.1
5,869.4
5,777.7
5,336.7
3,576.0
3,071.5
2,939.0
2,896.9
2,836.5
2,754.6
2,683.9
2,482.9
2,482.6
2,462.4
2,252.5
2,199.2
2,166.5
2,070.1
1,954.1
126,444.0
163,343.3

Asset Allocation
Target Maturity Euroland
Equities Global
Protected Fund
Bonds Flexible
Fund of Funds Asset Allocation
Fund of Funds Guaranteed
Guaranteed Fund
Bonds Speciality
Equities Europe
Bonds Global Corporates
Fund of Funds Bonds
Fund of Funds Equities Global
Money Market USD
Bonds EUR
Equities Speciality
Money Market EUR
Derivatives
Speciality
TOP 25
TOTAL

MARKET SHARE OF LEADING SECTORS OF NEW FUNDS
16-25
sectors
15%

Rest
22%

Top 5
sectors
35%

Next 10
sectors
28%

14


2014 EDITION

CROSS-BORDER PROGRESS
GROUP WINNERS
FIGURE 22
RANK
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

TOP 25 INTERNATIONAL GROUPS BY ESTIMATED NET SALES IN 2013 (€M)
MASTER GROUP

NAT

# FUNDS

ASSETS DEC 2013

ENS 2013

BlackRock
JP Morgan
Prudential/M&G
Fr Templeton
Invesco
Schroders
Vanguard
Goldman Sachs
Neuberger Berman
Nordea
Amundi
KBC
Polar Capital
Wellington
Allianz GI
BNY Mellon
ING
Henderson Global
MMC/Mercer
Stone Harbor
Babson
MFS
Muzinich
State Street
SKY Harbor
TOP 25
REST
TOTAL

US
US
GB
US
US
GB
US
US
US
SE
FR
BE
GB
US
DE
US
NL
GB
US
US
US
US
US
US
US

428
190
72
94
92
122
37
101
21
90
205
74
16
45
50
60
96
32
39
14
5
38
11
96
2
2,030
7,597
9,627

273,788.5
85,211.5
64,985.7
127,143.7
31,368.9
63,870.2
37,479.5
32,497.6
13,099.8
28,546.1
37,257.0
12,971.1
7,119.5
17,087.7
18,049.9
18,079.9
27,845.3
14,483.4
13,466.2
12,958.4
4,844.6
22,001.8
13,456.6
17,021.9
3,813.6
998,448.5
1,395,954.4
2,394,402.9

29,919.2
20,571.6
11,920.0
10,548.1
8,235.1
6,888.5
6,398.2
5,819.5
5,285.1
4,055.0
3,874.9
3,828.7
3,585.9
3,295.2
3,192.7
3,185.9
3,169.1
3,111.0
3,083.8
3,044.8
3,010.9
2,966.0
2,961.7
2,749.1
2,742.6
157,442.3
53,775.4
211,217.7


15


2014 EDITION

GROUP WINNERS
FIGURE 23

GROUP POSITIONING BY SALES AND PERFORMANCE CONTRIBUTION TO ASSET
GROWTH IN 2013 (€M)

20,000

BlackRock

Performance contribution (€m)

15,000

10,000

Fidelity
5,000
Natixis
Vanguard
Prudential/M&G
Amundi
Invesco
NB
Schroders Fr Templeton

0

JP Morgan

Goldman Sachs
Wellington
Stone Harbor
-5,000

-10,000
-10,000

-5,000

0

5,000

10,000

15,000

Sales contribution (€m)


16

20,000

25,000

30,000

35,000


2014 EDITION

FOREIGN SHARE OF SALES IN EUROPE
NET SALES OF FOREIGN GROUPS BY MARKET IN 2013 FIGURE 24 ALL FUNDS (€M)
Domestic

Foreign

50,000
40,000
30,000
20,000
10,000
0
-10,000
IT

CH

DEU

SP

FR

BE

UK

AU

NL

SWE

FIGURE 25 NET SALES OF FOREIGN GROUPS BY MARKET IN 2013 EQUITY ONLY (€M)
Domestic

Foreign

12,000
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
-8,000
IT

SP

CH

BE

UK

NL

FR

AU

DEU

SWE

FIGURE 26 NET SALES OF FOREIGN GROUPS BY MARKET IN 2013 BOND ONLY (€M)
Domestic

Foreign

20,000
15,000
10,000
5,000
0
-5,000
-10,000
IT

CH

DEU

FR

BE

SP

AU

UK

SWE

17

NL

Note: Excludes money market funds & ETFs
1. Foreign activity is actual sales as measured by the Lipper SalesWatch

Confidential Service.
2. he 50 members are estimated to account for 75-80% of the total
T
cross-border sales activity.


2014 EDITION

DOMESTIC VS. FOREIGN SECTORS
FIGURE 27 TOP 5 DOMESTIC AND FOREIGN SECTORS IN THE MAJOR MARKETS
FRANCE
1
2
3
4
5

DOMESTIC
Equities Europe
Short Term Dynamic
Convertible Bonds Options

ENS 2013
3,447.6
2,951.9
1,971.6
1,889.0
1,770.4

FOREIGN
Bonds Emerging Markets - Local Currency
Equities Europe Mid/Small Caps
Equities Global
Asset Allocation

REAL SALES 2013
Confidential

GERMANY
1
2
3
4
5

DOMESTIC
Asset Allocation
Bonds CNY

ENS 2013
5,872.3
4,314.4
1,397.4
1,059.5
828.2

FOREIGN
Bonds Flexible
Equities Euroland

REAL SALES 2013
Confidential

1
2
3
4
5

DOMESTIC
Asset Allocation
Bonds USD Corp. Inv. Grade
Equities Speciality

ENS 2013
16,750.0
5,573.3
1,165.6
1,161.7
1,044.9

FOREIGN
Bonds Flexible
Equities Europe
Equities Global
Asset Allocation

REAL SALES 2013
Confidential

ENS 2013
1,830.3
1,305.6
1,083.2
879.4
829.9

FOREIGN
Bonds Flexible
Equities Europe
Bonds Speciality

REAL SALES 2013
Confidential

ENS 2013
8,576.7
3,350.4
2,109.8
1,915.4
1,900.4

FOREIGN
Asset Allocation
Bonds Flexible
Equities Europe
Bonds Speciality

REAL SALES 2013
Confidential

iTALY

SWITZERLAND
1
2
3
4
5

DOMESTIC
Bonds Global High Yield
Bonds Global Corporates

UNITED KINGDOM
1
2
3
4
5

DOMESTIC
Asset Allocation
Equities Global
Equities Japan

Note: Excludes money market funds ETFs

18


2014 EDITION

REUTERS/KHAM

FOOTNOTES
1.

All data as at 31 Dec 2013 unless otherwise stated.

2. ‘International’ fund market. Lipper defines an International fund as a fund that sources less than 80% of its
assets from any single country. Some fund groups have domestic and international funds.
3. ‘Domestic’ fund market. If a fund sources more than 80% of its assets from a single country then the fund is
allocated to that market regardless of its domicile.
4. Funds of funds have been excluded from all charts and tables (to avoid double-counting) unless otherwise
stated. Therefore a market total is the sum of all the investment categories excluding the three funds of funds
categories (in-house, ex-house and hedge).
5. The investment category ‘other’ includes a variety of different product categories. For most markets,
especially Belgium, Spain and France, the figure comprises guaranteed funds, but there are also derivatives,
commodities and other speciality funds in the ‘other’ category.
6. Property funds are open-ended property funds only.
7.

Master group. Analysis that aggregates the European mutual fund assets under the umbrella of their parent
company name.

8. ENS stands for estimated net sales.
9. ETFs are included in Lipper’s database on mutual funds, but this excludes exchange-traded commodity
products that are not mutual funds.
10. References to foreign activity relate to actual sales as measured by Lipper’s SalesWatch confidential service.
The 50 SalesWatch members are estimated to account for 75-80% of total cross-border sales activity

19


2014 EDITION

REUTERS/YURIKO NAKAO

CONTACT US
PRODUCT MANAGER, LIPPER FUNDFILE:
JÉRÔME COUTEUR
jerome.couteur@thomsonreuters.com

LIPPER DATABASES FEATURED:
FUNDFILE - http://bit.ly/LipperFundFile
SALESWATCH - http://bit.ly/LipperSalesWatch

SABINA GRABOWSKA
sabina.grabowska@thomsonreuters.com

DESIGNED BY:
NAOMI HANDKE

PRODUCT MANAGER, LIPPER SALESWATCH:
BARBARA FERRARESI
barbara.ferraresi@thomsonreuters.com
EDITORIAL
DETLEF GLOW
detlef.glow@thomsonreuters.com
JAKE MOELLER
jake.moeller@thomsonreuters.com

20

Lipper European fund market review 2014

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