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    Lipper European fund market review 2014 Lipper European fund market review 2014 Document Transcript

    • REUTERS/YURIKO NAKAO EUROPEAN FUND MARKET REVIEW 2014 EDITION
    • sfdsfdsfds © Thomson Reuters 2014. All Rights Reserved. This report is for informational purposes only, and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. No guarantee is made that the information in this report is accurate or complete and no warranties are made with regard to the results to be obtained from its use. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. For more information about Lipper, please visit our website at www.lipperfmi.com or www.lipperweb.com.
    • 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
    • EUROPEAN FUND MARKET REVIEW 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
    • EUROPEAN FUND MARKET REVIEW 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
    • EUROPEAN FUND MARKET REVIEW 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
    • EUROPEAN FUND MARKET REVIEW 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
    • EUROPEAN FUND MARKET REVIEW 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 Note: Excludes money market funds. FIGURE 11 MARKET SHARE OF LEADING MASTER GROUPS BY SALES 16-25 19% Top 5 49% 6-15 32% 9
    • EUROPEAN FUND MARKET REVIEW 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 Note: Excludes money market funds. 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
    • EUROPEAN FUND MARKET REVIEW 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
    • EUROPEAN FUND MARKET REVIEW 2014 EDITION PRODUCT THEMES BONDS USD CORP. HIGH YIELD FIGURE 16 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 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 TOP 10 FUNDS BY SALES IN 2013 (€M) 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
    • EUROPEAN FUND MARKET REVIEW 2014 EDITION PRODUCT THEMES EQUITIES EUROPE FIGURE 18 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 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 TOP 10 FUNDS BY SALES IN 2013 (€M) 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
    • EUROPEAN FUND MARKET REVIEW 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 Target Maturity Other Equities Global Bonds Global Currencies Protected Fund Bonds Flexible Fund of Funds Asset Allocation Fund of Funds Guaranteed Guaranteed Fund Equities Emerging Markets Bonds Speciality Equities Europe Bonds Global Corporates Fund of Funds Bonds Fund of Funds Equities Global Equities North America Money Market USD Bonds EUR Equities Speciality Bonds EUR Short-Term Money Market EUR Derivatives Mixed Assets Balanced 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
    • EUROPEAN FUND MARKET REVIEW 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 Note: Excludes money market funds. 15
    • EUROPEAN FUND MARKET REVIEW 2014 EDITION CROSS-BORDER PROGRESS 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) Note: Excludes money market funds. 16 20,000 25,000 30,000 35,000
    • EUROPEAN FUND MARKET REVIEW 2014 EDITION CROSS-BORDER PROGRESS 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.
    • EUROPEAN FUND MARKET REVIEW 2014 EDITION CROSS-BORDER PROGRESS 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 Bonds EUR Short-Term Mixed Assets Conservative Convertible Bonds & Options ENS 2013 3,447.6 2,951.9 1,971.6 1,889.0 1,770.4 FOREIGN Bonds USD Corp. High Yield 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 Mixed Assets Conservative Bonds CNY Bonds Global Currencies Bonds EUR Short-Term ENS 2013 5,872.3 4,314.4 1,397.4 1,059.5 828.2 FOREIGN Bonds Global Currencies Bonds Flexible Bonds EUR Short-Term Equities North America Equities Euroland REAL SALES 2013 Confidential 1 2 3 4 5 DOMESTIC Asset Allocation Target Maturity Other Bonds USD Corp. High Yield 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 Global Currencies 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 USD Corp. High Yield Bonds Speciality Bonds Global Currencies 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 Bonds Global Currencies Equities Europe Bonds Speciality REAL SALES 2013 Confidential iTALY SWITZERLAND 1 2 3 4 5 DOMESTIC Bonds Global High Yield Mixed Assets Conservative Equities Emerging Markets Bonds Global Corporates Bonds Global Currencies UNITED KINGDOM 1 2 3 4 5 DOMESTIC Asset Allocation Mixed Assets Balanced Equities Global Bonds Global Currencies Equities Japan Note: Excludes money market funds & ETFs 18
    • EUROPEAN FUND MARKET REVIEW 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
    • EUROPEAN FUND MARKET REVIEW 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