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August in Brief: "Blindsided by China"

We expected problems from the Eurozone and anticipated some nervous energy in the markets over the Fed interest rate decision, but the economic storm that blew in from China blindsided investors in August and left the European fund industry in a state of some disarray. Over the last two years the fund industry has snuggled under the comfort blanket of low interest rates and generous central bank policies, which have encouraged investors into placing increasingly large volumes of their savings into funds.

In August, the blanket was pulled away forcing investors to face the chilly reality of a stock market correction that was the steepest seen since the taper tantrum of June 2013. The response in 2013 was a massive €34bn of redemptions, the bulk coming from bond funds. This time around the withdrawals were surprisingly modest at €19bn. The holiday season was a factor; trading declines significantly in August dulling the volumes of both inflows and redemptions. But, there was another more important factor involved ­– the new status of ETFs and passive offerings. As investors pulled out of, or took profits from, their actively managed holdings some retained their sector exposure by redirecting their money into equivalent ETFs. Passively managed ETFs saw over €8bn of inflows, whilst active long-term sectors suffered a cull of €27bn. Read more

European Fund Market - Data Digest
Mid-Year Review 2015

Broadridge's annual review of the European funds industry provides 20 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products prospered in 2015. The report includes unique data on cross-border activity, as well as commentary on various issues that impact the industry over the near term and long term.

You can view the report by clicking here