European fund distribution markets saw overall growth over the 12-month period ending July 2014. Germany, France, and Italy had the largest growth in total net assets held by local investors in domestic and cross-border funds. The heat map shows the annual growth rate of the major European distribution markets based on changes in total net assets. Germany had the largest distribution market size as of July 2014, followed by France and the UK.

1. European fund distribution
Market intelligence: fund flows that matter September 2014
Contacts
Laurent Denayer
Partner
+352 42 124 8340
laurent.denayer@lu.ey.com
Rafael Aguilera
Executive Director
+352 42 124 8365
rafael.aguilera@lu.ey.com
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please visit ey.com/GFD
EY analysis is based on
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European market trends European distribution markets’ growth over the
12-month period ending 31 July 2014
European market features
The heat map above illustrates the growth of the largest European
distribution markets based on variations of the total net assets held by
local investors in domestic and cross-border funds available for sale.
The annual growth is defined by the ratio between the sum of all fund
flows over the 12-month period ending 31 July 2014 and the total net
assets held by local investors at the beginning of the 12-month period.
The bubble size reflects the size of the market as at July 2014.
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Annual growth of local distribution markets
-9% -5% -1% 1% 5% 9%
Bubble scaling for market
insight (total net assets)
About €500 billion
About €250 billion
<€50 billion
-30
-20
-10
0
10
20
30
40
DE FR GB IT CH ES SE LU NL IE AT NO DK BE FI PT
-50
-40
-30
-20
-10
0
10
20
30
40
50
08/2013 09/2013 10/2013 11/2013 12/2013 01/2014 02/2014 03/2014 04/2014 05/2014 06/2014 07/2014
-20
-10
0
10
20
30
40
50
1 2 3 4 5 6 7
15%
7% 5% 6% 9%
17%
8%
15%
6% 9% 13%
2% 5% 9% 4%
20%
14%
9% 9%
20% 11%
19%
14%
20%
9%
9%
10%
4%
7%
43%
6%
15%
12%
32%
14%
8%
8%
11%
9%
3%
12%
11%
6%
13% 3%
1%
10%
13%
27%
21%
23%
40%
35%
31%
19%
39%
29%
39% 39%
41%
47%
19%
36%
31%
31% 31%
48%
25%
37%
22%
49%
23%
44%
32% 32%
39% 39%
27%
44%
22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
DE FR GB IT CH ES SE LU NL IE AT NO DK BE FI PT
33%
33%
23%
4%
4%
3%
35%
27%
12%
16%
3%
3%
4%
DE
FR
GB
IT
CH
ES
SE
LU
NLIE
AT
NO
DK
BE
FI
PT GR
PL
CZ
LI
GG
HU
Net fund flows per country of distribution
Allocation per fund domicile 08/2013-07/2014
excluding money market funds
European market DNA
Market share* per asset class based on AuM 07/2014
for selected European distribution markets
Market share per asset class in Europe
Retail vs. institutional based on AuM 07/2014
Monthly net fund flows per asset class
Allocation per asset class 08/2013-07/2014
Net fund flows per SRRI class
Year-to-date (YtD) and 12-month analysis
€billions€billions
Synthetic risk and reward indicators
€billions
Equity
Money market
Alternative
Others
Fixed income
Allocation/balanced
Guaranteed
Net fund flows 08/2013-07/2014 (12 months)
Net fund flows 01/2014-07/2014 (YtD)
Other domiciles
IE domiciled
LU domiciled
Domestic funds
Equity
Fixed income
Money market
Allocation/balanced
Alternative
Guaranteed
Others
Equity
Fixed income
Money market
Allocation/balanced
Others
* Market shares may not sum to 100% due to rounding
Retail share classes
(outer circle)
€4.8 billion
Institutional share classes
(inner circle)
€1.3 billion
Recently (YtD), low-risk funds could again attract
new money after having suffered outflows for a
long time. Risk categories four and five continue to
attract most of the inflows.
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