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March in Brief:
New noise stimulates front-runner flows
Casting off the winter gloom, European investors took heart from the ECB’s promise of further stimulants in March by pumping €26bn into long-term funds and turning a depressing start to the year into a promise of better times to come. The rebound fell short of compensating fund managers for the €47bn of losses suffered in the first two months, but it proved that the malaise was not a repeat of the financial crisis years.
In an echo of last year’s bond rush, hints that the ECB would venture into purchases of corporate bonds in April led to a surge of activity in a variety of fixed income funds. The move had all the hallmarks of last year’s front-running activity but this time the big money washed into the corporate sectors. All told, corporate bond funds generated net sales of over €6bn, to which the more volatile high yield sectors added a further €5bn. America was another important influence; the recent market correction and dismal macro-economic fuel encouraged investors to believe that any further action by the Fed to raise interest rates would be deferred. This provided a long-awaited sales boost for emerging markets and particularly bonds investing in these markets (€5bn). Read more
European Fund Market - Data Digest
Broadridge's annual review of the European funds industry provides 30 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 + a special focus on US funds and ETFs distribution (page 26-32).
You can view the report by clicking here