2017 mid-year review european fund market data digest
TRANSCRIPT
Data Digest
European Fund Market
_______________________________________________________________________________
2017 Mid-Year Review
copy Copyright 2017 Broadridge Financial Solutions Inc 08112017
Page 124
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Diana Mackay - Editorial dmmackaywilliamscom
2017 EDITION
broadridgecom
EUROPEAN FUND MARKET REVIEW
About BroadridgeAuthor Information
Global Market Intelligence reflects ourexpertise and understanding of marketsworldwide and of the evolving needs of assetmanagers
To learn more and to schedule a free demo ofGlobal Marketing Intelligence visitwwwbroadridgecomGMI
For more information please contactlauracohenbroadridgecom
Database Featured
Page 224
EUROPEAN FUND MARKET REVIEW 2017 EDITION
2017 will certainly become a marker in the annals of global asset-management history Net sales of nearly euro1T (euro933B) flowed into the globalcommunityrsquos mutual funds during the first half The scale of this achievementis best seen by comparing this total with the miserly euro81B received duringthe same period last year Unsurprisingly the giant US market captured thebulk of new money (29) but its lead over the International community wasnegligible This collection of cross-border managers uses the EuropeanUCITs passport to gather assets from multiple global markets although thebulk of these assets are sourced from European investors Their net-salesstake in the first half was a record euro263B or 27 of the global sales total
The European region has been particularly buoyant with European domesticand cross-border businesses combined the region posted a net-sales influxof euro390B which is close to beating all historic annual totals The year beganwell with the lsquoTrump bumprsquo powering expectations of corporate growth andimproving equity markets whilst the US Fedrsquos tentative steps towards raisinginterest rates encouraged the view that the latest bond bubble would giveway to a revival of stock funds In fact the ECBrsquos ongoing commitment to itsmassive bond-buying programme alongside a consensus view that interestrates and inflation would rise at a slow pace has fuelled a bulging appetitefor higher yielding bond funds that shows no sign of being sated Each monthof the last six delivered a more bloated long-term sales total with the latestthree progressively beating all previous monthly records
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TOTAL OF FUND CLOSURES
NET SALES (H1 2017)
1842TOTAL OF MASTER GROUPS
2690TOTAL OF COMPANIES
34252TOTAL OF FUNDS
TOTAL OF FUND LAUNCHES 1198
1218
TOTAL NET ASSETS (JUN 2017)
ASSET GROWTH (2016-2017)
euro9268bn
euro4922bn
euro390bn
KEY DATA
FIGURE 1 - CUMULATIVE NET SALES BY YEAR (eurobn)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017
0
155
310
465
Rising interest rates would ordinarily spell a rotation into equities but 10years after the financial crisis was spawned market cycles are still far fromnormalised and central-bank intervention continues to drive bond allocationsunderpinned by retail investors who remain nervous of equity risk Net salesof fixed income funds in Europe bounded forward during the first half endingthe period with cumulative receipts of euro184B Whilst all other fund categoriesposted positive results for the period they followed some way behind Mixedasset funds have been the popular choice for investors looking for dilutedaccess to equities and their appeal continued albeit at a slower pace than in2015 when Italian target maturity products made their mark Net inflows inthe latest six-month period came to euro83B compared with euro77B achieved bythe pure equity category Despite many global bourses hitting consecutivehigh points investors remained wary of equity investment Nonethelessthese volumes still represent a better result than any like-for-like period sincethe pre-financial-crisis year of 2006 The big difference between then andnow though has been the impact of passives
Contrary to the belief that active management is dying so far this year activefunds have comprehensively outpaced passives Across all long-term assetclasses active funds have taken 71 of all net inflows reversing the ratiosseen last year As always though the devil is in the detail with the bulk ofbond purchasers investing in active funds (81) The experience of equityfunds though was the exact opposite with passive funds taking 82 ofinflows helped along by some recent institutional tracker launches fromBlackRock
Overview
_____________________
Expanding bond demand
Passive promise
Page 324
2017 EDITION
International groups are currently having their best year on record Fig 36reveals the most important markets for these groups this year and highlightsItaly as the primary driver with inflows of nearly euro40B going into foreignfunds This figure overwhelms the euro16B of new money taken by localindustry giants Spain follows with ~euro14B of inflows to cross-border groupsagain dominating domestic industry receipts of just euro5B Here funds of fundshave been a crucial distribution conduit and whilst flows look unlikely tomatch the record volumes seen in 2015 the Spanish market remains abuoyant target market
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euro390bnNet Sales H1 17
FIGURE 2 - PASSIVE VS ACTIVE NET SALES IN H1 2017 (eurobn)
Active ETF Index Tracking
28702870
505505
526526
FIGURE 3 - MARKET SENTIMENT
of funds with negative flows of funds with positive flows
5252
4848
Overview
EUROPEAN FUND MARKET REVIEW
+561Asset Growth
euro224MAverage fund size
The mantra of lsquowinner takes allrsquo has dominated industry debate for the lastfive years or more and with BlackRock and PIMCO headlining the net-salesrankings this year the contention seems to be proved at first glance Thesegroups are the undisputed rock stars of the European industry holding on totheir sales crowns in every month of the year so far By the end of the firsthalf BlackRock stood head and shoulders above all other contenders witheuro56B of net inflows and PIMCO followed with just under euro30B Together theyaccounted for nearly a quarter (24) of all long-term inflows Undeniably thisyearrsquos winners are taking a big bite out of the sales pie but there is still a lotleft for other contenders Over 1000 groups registered positive sales flowsduring the period and aside from the leading duo 78 players attracted overeuro1B of new money The winners donrsquot take everything
Market success
Group progress ndash winner takes all
78 players attracted over euro1bn of new money
Behind the headlines more nuanced stories emerged BlackRockrsquos hugesales success was largely in passives boosted by the launch of a clutch ofinstitutional trackers that added euro18B to the grouprsquos total in June Strip outthe passives and the rankings looked quite different PIMCO remained theundisputed leader thanks largely to the extraordinary success of its GISIncome fund but its net-sales tally amounted to less than 12 of theindustryrsquos net-sales total BlackRock meanwhile fell back to 12th positiongiving way to Intesa Sanpaolo Amundi PrudentialMampG and Invesco Thetop-five active managers were responsible for euro67B of inflows or 26 of thesales pot
Page 424
2017 EDITION
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FIGURE 4 - EUROPEAN NET SALES IN H1 2017 (eurobn)
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Bond Equity Mixed Assets Money Market
-29
0
29
58
87
FIGURE 5 - GLOBAL NET SALES IN H1 2017 (eurobn)
Asia-Pacific Europe International Latin America MEA North America
Bond Equity Mixed Assets Money Market
-109
0
109
218
327
Overview
EUROPEAN FUND MARKET REVIEW
Page 524
2017 EDITION
broadridgecom
Asia-Pacific Europe International Latin America MEA North Amercia
Overview
FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asia-Pacific Europe International Latin America MEA North America
168168
132132159159
186186 185185207207
226226
270270
302302329329 336336
FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE
Bond Equity Mixed Assets Money Market
EUROPEAN FUND MARKET REVIEW
Page 624
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
Broadridge a global fintech leader with over $8billion in market capitalization providescommunications technology data and analyticsWe help drive business transformation for ourclients with solutions for enriching clientengagement navigating risk optimizingefficiency and generating revenue growth
For more information about Broadridge pleasevisit broadridgecom
Jeacuterocircme Couteur - Product Manager jeromecouteurbroadridgecom
Barbara Ferraresi - Product Manager barbaraferraresibroadridgecom
Diana Mackay - Editorial dmmackaywilliamscom
2017 EDITION
broadridgecom
EUROPEAN FUND MARKET REVIEW
About BroadridgeAuthor Information
Global Market Intelligence reflects ourexpertise and understanding of marketsworldwide and of the evolving needs of assetmanagers
To learn more and to schedule a free demo ofGlobal Marketing Intelligence visitwwwbroadridgecomGMI
For more information please contactlauracohenbroadridgecom
Database Featured
Page 224
EUROPEAN FUND MARKET REVIEW 2017 EDITION
2017 will certainly become a marker in the annals of global asset-management history Net sales of nearly euro1T (euro933B) flowed into the globalcommunityrsquos mutual funds during the first half The scale of this achievementis best seen by comparing this total with the miserly euro81B received duringthe same period last year Unsurprisingly the giant US market captured thebulk of new money (29) but its lead over the International community wasnegligible This collection of cross-border managers uses the EuropeanUCITs passport to gather assets from multiple global markets although thebulk of these assets are sourced from European investors Their net-salesstake in the first half was a record euro263B or 27 of the global sales total
The European region has been particularly buoyant with European domesticand cross-border businesses combined the region posted a net-sales influxof euro390B which is close to beating all historic annual totals The year beganwell with the lsquoTrump bumprsquo powering expectations of corporate growth andimproving equity markets whilst the US Fedrsquos tentative steps towards raisinginterest rates encouraged the view that the latest bond bubble would giveway to a revival of stock funds In fact the ECBrsquos ongoing commitment to itsmassive bond-buying programme alongside a consensus view that interestrates and inflation would rise at a slow pace has fuelled a bulging appetitefor higher yielding bond funds that shows no sign of being sated Each monthof the last six delivered a more bloated long-term sales total with the latestthree progressively beating all previous monthly records
broadridgecom
TOTAL OF FUND CLOSURES
NET SALES (H1 2017)
1842TOTAL OF MASTER GROUPS
2690TOTAL OF COMPANIES
34252TOTAL OF FUNDS
TOTAL OF FUND LAUNCHES 1198
1218
TOTAL NET ASSETS (JUN 2017)
ASSET GROWTH (2016-2017)
euro9268bn
euro4922bn
euro390bn
KEY DATA
FIGURE 1 - CUMULATIVE NET SALES BY YEAR (eurobn)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017
0
155
310
465
Rising interest rates would ordinarily spell a rotation into equities but 10years after the financial crisis was spawned market cycles are still far fromnormalised and central-bank intervention continues to drive bond allocationsunderpinned by retail investors who remain nervous of equity risk Net salesof fixed income funds in Europe bounded forward during the first half endingthe period with cumulative receipts of euro184B Whilst all other fund categoriesposted positive results for the period they followed some way behind Mixedasset funds have been the popular choice for investors looking for dilutedaccess to equities and their appeal continued albeit at a slower pace than in2015 when Italian target maturity products made their mark Net inflows inthe latest six-month period came to euro83B compared with euro77B achieved bythe pure equity category Despite many global bourses hitting consecutivehigh points investors remained wary of equity investment Nonethelessthese volumes still represent a better result than any like-for-like period sincethe pre-financial-crisis year of 2006 The big difference between then andnow though has been the impact of passives
Contrary to the belief that active management is dying so far this year activefunds have comprehensively outpaced passives Across all long-term assetclasses active funds have taken 71 of all net inflows reversing the ratiosseen last year As always though the devil is in the detail with the bulk ofbond purchasers investing in active funds (81) The experience of equityfunds though was the exact opposite with passive funds taking 82 ofinflows helped along by some recent institutional tracker launches fromBlackRock
Overview
_____________________
Expanding bond demand
Passive promise
Page 324
2017 EDITION
International groups are currently having their best year on record Fig 36reveals the most important markets for these groups this year and highlightsItaly as the primary driver with inflows of nearly euro40B going into foreignfunds This figure overwhelms the euro16B of new money taken by localindustry giants Spain follows with ~euro14B of inflows to cross-border groupsagain dominating domestic industry receipts of just euro5B Here funds of fundshave been a crucial distribution conduit and whilst flows look unlikely tomatch the record volumes seen in 2015 the Spanish market remains abuoyant target market
broadridgecom
euro390bnNet Sales H1 17
FIGURE 2 - PASSIVE VS ACTIVE NET SALES IN H1 2017 (eurobn)
Active ETF Index Tracking
28702870
505505
526526
FIGURE 3 - MARKET SENTIMENT
of funds with negative flows of funds with positive flows
5252
4848
Overview
EUROPEAN FUND MARKET REVIEW
+561Asset Growth
euro224MAverage fund size
The mantra of lsquowinner takes allrsquo has dominated industry debate for the lastfive years or more and with BlackRock and PIMCO headlining the net-salesrankings this year the contention seems to be proved at first glance Thesegroups are the undisputed rock stars of the European industry holding on totheir sales crowns in every month of the year so far By the end of the firsthalf BlackRock stood head and shoulders above all other contenders witheuro56B of net inflows and PIMCO followed with just under euro30B Together theyaccounted for nearly a quarter (24) of all long-term inflows Undeniably thisyearrsquos winners are taking a big bite out of the sales pie but there is still a lotleft for other contenders Over 1000 groups registered positive sales flowsduring the period and aside from the leading duo 78 players attracted overeuro1B of new money The winners donrsquot take everything
Market success
Group progress ndash winner takes all
78 players attracted over euro1bn of new money
Behind the headlines more nuanced stories emerged BlackRockrsquos hugesales success was largely in passives boosted by the launch of a clutch ofinstitutional trackers that added euro18B to the grouprsquos total in June Strip outthe passives and the rankings looked quite different PIMCO remained theundisputed leader thanks largely to the extraordinary success of its GISIncome fund but its net-sales tally amounted to less than 12 of theindustryrsquos net-sales total BlackRock meanwhile fell back to 12th positiongiving way to Intesa Sanpaolo Amundi PrudentialMampG and Invesco Thetop-five active managers were responsible for euro67B of inflows or 26 of thesales pot
Page 424
2017 EDITION
broadridgecom
FIGURE 4 - EUROPEAN NET SALES IN H1 2017 (eurobn)
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Bond Equity Mixed Assets Money Market
-29
0
29
58
87
FIGURE 5 - GLOBAL NET SALES IN H1 2017 (eurobn)
Asia-Pacific Europe International Latin America MEA North America
Bond Equity Mixed Assets Money Market
-109
0
109
218
327
Overview
EUROPEAN FUND MARKET REVIEW
Page 524
2017 EDITION
broadridgecom
Asia-Pacific Europe International Latin America MEA North Amercia
Overview
FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asia-Pacific Europe International Latin America MEA North America
168168
132132159159
186186 185185207207
226226
270270
302302329329 336336
FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE
Bond Equity Mixed Assets Money Market
EUROPEAN FUND MARKET REVIEW
Page 624
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
EUROPEAN FUND MARKET REVIEW 2017 EDITION
2017 will certainly become a marker in the annals of global asset-management history Net sales of nearly euro1T (euro933B) flowed into the globalcommunityrsquos mutual funds during the first half The scale of this achievementis best seen by comparing this total with the miserly euro81B received duringthe same period last year Unsurprisingly the giant US market captured thebulk of new money (29) but its lead over the International community wasnegligible This collection of cross-border managers uses the EuropeanUCITs passport to gather assets from multiple global markets although thebulk of these assets are sourced from European investors Their net-salesstake in the first half was a record euro263B or 27 of the global sales total
The European region has been particularly buoyant with European domesticand cross-border businesses combined the region posted a net-sales influxof euro390B which is close to beating all historic annual totals The year beganwell with the lsquoTrump bumprsquo powering expectations of corporate growth andimproving equity markets whilst the US Fedrsquos tentative steps towards raisinginterest rates encouraged the view that the latest bond bubble would giveway to a revival of stock funds In fact the ECBrsquos ongoing commitment to itsmassive bond-buying programme alongside a consensus view that interestrates and inflation would rise at a slow pace has fuelled a bulging appetitefor higher yielding bond funds that shows no sign of being sated Each monthof the last six delivered a more bloated long-term sales total with the latestthree progressively beating all previous monthly records
broadridgecom
TOTAL OF FUND CLOSURES
NET SALES (H1 2017)
1842TOTAL OF MASTER GROUPS
2690TOTAL OF COMPANIES
34252TOTAL OF FUNDS
TOTAL OF FUND LAUNCHES 1198
1218
TOTAL NET ASSETS (JUN 2017)
ASSET GROWTH (2016-2017)
euro9268bn
euro4922bn
euro390bn
KEY DATA
FIGURE 1 - CUMULATIVE NET SALES BY YEAR (eurobn)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017
0
155
310
465
Rising interest rates would ordinarily spell a rotation into equities but 10years after the financial crisis was spawned market cycles are still far fromnormalised and central-bank intervention continues to drive bond allocationsunderpinned by retail investors who remain nervous of equity risk Net salesof fixed income funds in Europe bounded forward during the first half endingthe period with cumulative receipts of euro184B Whilst all other fund categoriesposted positive results for the period they followed some way behind Mixedasset funds have been the popular choice for investors looking for dilutedaccess to equities and their appeal continued albeit at a slower pace than in2015 when Italian target maturity products made their mark Net inflows inthe latest six-month period came to euro83B compared with euro77B achieved bythe pure equity category Despite many global bourses hitting consecutivehigh points investors remained wary of equity investment Nonethelessthese volumes still represent a better result than any like-for-like period sincethe pre-financial-crisis year of 2006 The big difference between then andnow though has been the impact of passives
Contrary to the belief that active management is dying so far this year activefunds have comprehensively outpaced passives Across all long-term assetclasses active funds have taken 71 of all net inflows reversing the ratiosseen last year As always though the devil is in the detail with the bulk ofbond purchasers investing in active funds (81) The experience of equityfunds though was the exact opposite with passive funds taking 82 ofinflows helped along by some recent institutional tracker launches fromBlackRock
Overview
_____________________
Expanding bond demand
Passive promise
Page 324
2017 EDITION
International groups are currently having their best year on record Fig 36reveals the most important markets for these groups this year and highlightsItaly as the primary driver with inflows of nearly euro40B going into foreignfunds This figure overwhelms the euro16B of new money taken by localindustry giants Spain follows with ~euro14B of inflows to cross-border groupsagain dominating domestic industry receipts of just euro5B Here funds of fundshave been a crucial distribution conduit and whilst flows look unlikely tomatch the record volumes seen in 2015 the Spanish market remains abuoyant target market
broadridgecom
euro390bnNet Sales H1 17
FIGURE 2 - PASSIVE VS ACTIVE NET SALES IN H1 2017 (eurobn)
Active ETF Index Tracking
28702870
505505
526526
FIGURE 3 - MARKET SENTIMENT
of funds with negative flows of funds with positive flows
5252
4848
Overview
EUROPEAN FUND MARKET REVIEW
+561Asset Growth
euro224MAverage fund size
The mantra of lsquowinner takes allrsquo has dominated industry debate for the lastfive years or more and with BlackRock and PIMCO headlining the net-salesrankings this year the contention seems to be proved at first glance Thesegroups are the undisputed rock stars of the European industry holding on totheir sales crowns in every month of the year so far By the end of the firsthalf BlackRock stood head and shoulders above all other contenders witheuro56B of net inflows and PIMCO followed with just under euro30B Together theyaccounted for nearly a quarter (24) of all long-term inflows Undeniably thisyearrsquos winners are taking a big bite out of the sales pie but there is still a lotleft for other contenders Over 1000 groups registered positive sales flowsduring the period and aside from the leading duo 78 players attracted overeuro1B of new money The winners donrsquot take everything
Market success
Group progress ndash winner takes all
78 players attracted over euro1bn of new money
Behind the headlines more nuanced stories emerged BlackRockrsquos hugesales success was largely in passives boosted by the launch of a clutch ofinstitutional trackers that added euro18B to the grouprsquos total in June Strip outthe passives and the rankings looked quite different PIMCO remained theundisputed leader thanks largely to the extraordinary success of its GISIncome fund but its net-sales tally amounted to less than 12 of theindustryrsquos net-sales total BlackRock meanwhile fell back to 12th positiongiving way to Intesa Sanpaolo Amundi PrudentialMampG and Invesco Thetop-five active managers were responsible for euro67B of inflows or 26 of thesales pot
Page 424
2017 EDITION
broadridgecom
FIGURE 4 - EUROPEAN NET SALES IN H1 2017 (eurobn)
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Bond Equity Mixed Assets Money Market
-29
0
29
58
87
FIGURE 5 - GLOBAL NET SALES IN H1 2017 (eurobn)
Asia-Pacific Europe International Latin America MEA North America
Bond Equity Mixed Assets Money Market
-109
0
109
218
327
Overview
EUROPEAN FUND MARKET REVIEW
Page 524
2017 EDITION
broadridgecom
Asia-Pacific Europe International Latin America MEA North Amercia
Overview
FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asia-Pacific Europe International Latin America MEA North America
168168
132132159159
186186 185185207207
226226
270270
302302329329 336336
FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE
Bond Equity Mixed Assets Money Market
EUROPEAN FUND MARKET REVIEW
Page 624
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
International groups are currently having their best year on record Fig 36reveals the most important markets for these groups this year and highlightsItaly as the primary driver with inflows of nearly euro40B going into foreignfunds This figure overwhelms the euro16B of new money taken by localindustry giants Spain follows with ~euro14B of inflows to cross-border groupsagain dominating domestic industry receipts of just euro5B Here funds of fundshave been a crucial distribution conduit and whilst flows look unlikely tomatch the record volumes seen in 2015 the Spanish market remains abuoyant target market
broadridgecom
euro390bnNet Sales H1 17
FIGURE 2 - PASSIVE VS ACTIVE NET SALES IN H1 2017 (eurobn)
Active ETF Index Tracking
28702870
505505
526526
FIGURE 3 - MARKET SENTIMENT
of funds with negative flows of funds with positive flows
5252
4848
Overview
EUROPEAN FUND MARKET REVIEW
+561Asset Growth
euro224MAverage fund size
The mantra of lsquowinner takes allrsquo has dominated industry debate for the lastfive years or more and with BlackRock and PIMCO headlining the net-salesrankings this year the contention seems to be proved at first glance Thesegroups are the undisputed rock stars of the European industry holding on totheir sales crowns in every month of the year so far By the end of the firsthalf BlackRock stood head and shoulders above all other contenders witheuro56B of net inflows and PIMCO followed with just under euro30B Together theyaccounted for nearly a quarter (24) of all long-term inflows Undeniably thisyearrsquos winners are taking a big bite out of the sales pie but there is still a lotleft for other contenders Over 1000 groups registered positive sales flowsduring the period and aside from the leading duo 78 players attracted overeuro1B of new money The winners donrsquot take everything
Market success
Group progress ndash winner takes all
78 players attracted over euro1bn of new money
Behind the headlines more nuanced stories emerged BlackRockrsquos hugesales success was largely in passives boosted by the launch of a clutch ofinstitutional trackers that added euro18B to the grouprsquos total in June Strip outthe passives and the rankings looked quite different PIMCO remained theundisputed leader thanks largely to the extraordinary success of its GISIncome fund but its net-sales tally amounted to less than 12 of theindustryrsquos net-sales total BlackRock meanwhile fell back to 12th positiongiving way to Intesa Sanpaolo Amundi PrudentialMampG and Invesco Thetop-five active managers were responsible for euro67B of inflows or 26 of thesales pot
Page 424
2017 EDITION
broadridgecom
FIGURE 4 - EUROPEAN NET SALES IN H1 2017 (eurobn)
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Bond Equity Mixed Assets Money Market
-29
0
29
58
87
FIGURE 5 - GLOBAL NET SALES IN H1 2017 (eurobn)
Asia-Pacific Europe International Latin America MEA North America
Bond Equity Mixed Assets Money Market
-109
0
109
218
327
Overview
EUROPEAN FUND MARKET REVIEW
Page 524
2017 EDITION
broadridgecom
Asia-Pacific Europe International Latin America MEA North Amercia
Overview
FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asia-Pacific Europe International Latin America MEA North America
168168
132132159159
186186 185185207207
226226
270270
302302329329 336336
FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE
Bond Equity Mixed Assets Money Market
EUROPEAN FUND MARKET REVIEW
Page 624
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
broadridgecom
FIGURE 4 - EUROPEAN NET SALES IN H1 2017 (eurobn)
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Bond Equity Mixed Assets Money Market
-29
0
29
58
87
FIGURE 5 - GLOBAL NET SALES IN H1 2017 (eurobn)
Asia-Pacific Europe International Latin America MEA North America
Bond Equity Mixed Assets Money Market
-109
0
109
218
327
Overview
EUROPEAN FUND MARKET REVIEW
Page 524
2017 EDITION
broadridgecom
Asia-Pacific Europe International Latin America MEA North Amercia
Overview
FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asia-Pacific Europe International Latin America MEA North America
168168
132132159159
186186 185185207207
226226
270270
302302329329 336336
FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE
Bond Equity Mixed Assets Money Market
EUROPEAN FUND MARKET REVIEW
Page 624
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
broadridgecom
Asia-Pacific Europe International Latin America MEA North Amercia
Overview
FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Asia-Pacific Europe International Latin America MEA North America
168168
132132159159
186186 185185207207
226226
270270
302302329329 336336
FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE
Bond Equity Mixed Assets Money Market
EUROPEAN FUND MARKET REVIEW
Page 624
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
2017 EDITION
broadridgecom
Best Sellers
FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
PIMCO GIS Income Fund Active Bonds Global Currencies
AB FCP I Global High Yield Portfolio Active Bonds Global High Yield
Carmignac Seacutecuriteacute Active Bonds EUR Short-Term
Invesco US Senior Loan Fund Active Bank loanFloating rate
The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies
DWS Floating Rate Notes Active Bank loanFloating rate
19693
3444
3373
3258
2983
2871
FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income
Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income
PrivatFonds Kontrolliert Active Mixed Assets Conservative
First Eagle Amundi Income Builder Fund Active Mixed Assets Income
Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income
Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative
2775
2566
2388
2104
2050
2032
FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)
Fund Name Fund Strategy Fund Sector Net Sales
BlackRock ACS 5050 Global Equity Tracker Passive Equities Global
BlackRock ACS UK Equity Tracker Passive Equities United Kingdom
BlackRock ACS World ex UK Equity Tracker Passive Equities Global
BlackRock ACS 6040 Global Equity Tracker Passive Equities Global
UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global
Pictet - Robotics Active Equities Technology
9735
5373
4907
3166
2842
2041
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 724
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
2017 EDITION
broadridgecom
European Sales
FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)
Fund Investment Type Group
Fund Market
Bnd Eq MM MM-Enh Mix Oth
Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales
Sum
Net Sales
International
United Kingdom
France
Germany
Italy
Switzerland
Sweden
Spain
Belgium
Norway
Netherlands
Finland
Poland
Portugal
Russia
Czech Republic
Malta
Romania
Bulgaria
Slovakia
Estonia
Slovenia
Ukraine
Latvia
Luxembourg
Lithuania
Liechtenstein
Turkey
Greece
Croatia
Iceland
Hungary
Austria
Denmark
1523489
124058
54225
48330
60449
47761
26751
-33460
5204
9343
-4937
1816
1146
1975
4678
-51
618
-302
96
-30
471209
208545
27879
3869
-1190
-9530
30021
33205
16490
5970
27600
-8318
1172
-717
-78
1294
-8
146
84
-459
173391
66275
87140
-6681
-1860
11652
1479
-12899
-13910
8379
1152
10632
2519
1534
-51
784
-95
49
-0
-785
12830
6478
53353
9379
-2660
6329
-652
470
1890
3002
7
-2
2
-4
8
437083
59174
12840
74476
93636
9216
-435
68669
38701
228
-6319
550
526
2231
-135
2710
101
299
30
1011
16057
-11801
-2737
37739
8337
15000
-585
-690
-10575
70
267
1966
497
53
-32
-598
-94
34
1
431
1
82
-18
-13
26
17
-1108
422
664
-929
-4495
-4649
-21312
147
-64
0
-4
-133
-329
701
-407
144
-526
407
-2627
-35695
-254
-0
-2946
-1109
-2192
-2238
-5125
-1720
-2047
0
117
16
85
892
295
-0
-22
1
-34
1892
7
304
143
1109
1396
29139
7
-6
-0
525
-86
-48
3386
1931
2415
2634060
452728
232700
167111
156712
80428
57231
54174
36380
23991
19653
9649
5866
5076
4381
4137
521
228
207
176
148
65
0
-21
-36
-111
-346
-937
-1057
-1128
-3549
-4701
-5584
-26608
Sum 1839846 768799 311071 91541 828824 61464 3901544
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 824
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
broadridgecom
All Sector Ranking
FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)
Year
Fund Sector
2016 2017
Net Sales Net Sales Rank Net Sales Net Sales Rank
Bonds Global Currencies
Equities Global
Money Market GBP
Bonds Emerging Markets
Bank loanFloating rate
Mixed Assets Conservative
Mixed Assets Income
Asset Allocation
Asset Allocation Alternative
Fund of Funds Balanced
Bonds Flexible
Bonds Global Corporates
Equities Emerging Markets
Bonds USD Corp Inv Grade
Bonds Emerging Markets - Local Currency
Mixed Assets Balanced
Bonds Alternative
Fund of Funds Asset Allocation
Short Term Dynamic
Bonds EUR Short-Term
Bonds Global High Yield
Equities Euroland
16417
10103
43477
12434
5061
10986
3004
14282
39171
7758
-9647
14143
15366
3893
6817
-273
2461
6514
6394
10203
5
14
1
9
28
11
31
7
2
17
223
8
6
29
21
173
33
22
23
13
39275
35921
24613
21553
18429
17308
16908
16139
14625
13665
13405
12746
12512
12165
12093
11140
10250
8926
8425
8258
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
6213
-7805
24
220
6763
6695
21
22
FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)
Bnd
Gl C
urr
Eq G
lobal
MM
GBP
Bnd
Em M
kt
Loan
s
Eq D
E
FF H
dge
Eq U
K In
c
Eq N
th A
m
Bnd
Eur
0
16
31
47
EUROPEAN FUND MARKET REVIEW
Page 924
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs
Values
TOP 25
REST
TOTAL
239031
110862
349893
FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
200933
98490
299423
2017 EDITION
broadridgecom
Note Excludes money market funds and ETFs Note Excludes money market funds
Pan-European Master Groups Sales
FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Intesa SP IT
PrudentialMampG GB
GAM CH
Goldman Sachs US
Amundi FR
Invesco US
Vanguard US
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Pictet CH
VRUnion DE
UBS CH
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
KBC BE
JPMorgan AM US
MMCMercer US
Flossbach von Storch DE
Natixis FR
245
64
645
125
258
100
526
149
46
340
204
362
325
137
409
448
52
158
20
214
40430
29885
11250
8840
8198
7097
6824
6690
6605
6575
6421
6414
6322
5985
5873
4499
4317
4173
4138
4011
893
195
48
14
264
3593
3458
3157
3134
3043
FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
BlackRock US
PIMCO US
Amundi FR
Intesa SP IT
UBS CH
PrudentialMampG GB
Vanguard US
GAM CH
Goldman Sachs US
Invesco US
Deutsche AM DE
AXA FR
BNY Mellon US
Allianz GI DE
Cr Suisse CH
Soc GenLyxor FR
Pictet CH
VRUnion DE
Jupiter GB
Aviva GB
Carmignac FR
Schroders GB
State Street US
KBC BE
JPMorgan AM US
545
64
628
645
557
125
64
262
100
169
617
340
204
362
326
332
137
410
52
158
56299
29885
13063
11250
11150
8840
8508
8268
7097
6749
6665
6575
6421
6414
6349
6120
5985
5876
4317
4173
20
214
172
893
195
4138
4011
3826
3593
3458
EUROPEAN FUND MARKET REVIEW
Page 1024
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
Values
TOTAL
Top 25
REST
349893
95585
254308
2017 EDITION
2017 EDITION
broadridgecom
Note Excludes money markets funds
Pan-European Fund Leaders Sales
FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)
Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales
PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11
BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06
BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06
BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04
AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09
Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04
Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07
BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06
Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05
Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08
PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11
JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12
PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04
Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06
Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11
VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07
BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03
UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06
UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01
PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07
Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09
UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10
19693
9735
5373
4907
3444
3373
3258
3166
2983
2871
2842
2807
2775
2606
2589
2566
2455
2388
2373
2346
2335
2277
2227
2104
2092
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1124
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesExchange Traded Funds
FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF
Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF
BlackRock iShares Emerging Markets Local Government Bond UCITS ETF
Deutsche Boumlrse Xetra-Gold
BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF
iShares Core MSCI World UCITS ETF
iShares Core MSCI Emerging Markets IMI UCITS ETF
iShares Core EURO STOXX 50 UCITS ETF
State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF
Source Source Bloomberg Commodity UCITS ETF
2842
2589
2335
1826
1664
1490
1444
1382
1251
1251
Sum 18073
FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
UBS CH
Soc GenLyxor FR
Amundi FR
Deutsche AM DE
State Street US
Vanguard US
Deutsche Boumlrse DE
Source US
Commerzbank DE
302
109
216
103
184
100
18
1
65
114
274559
36698
58288
31783
59063
24324
26098
5869
13462
8002
15812
6651
6321
6201
4471
3180
1904
1826
1414
770
Sum 1212 538145 48550
EUROPEAN FUND MARKET REVIEW
Page 1224
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesIndex Tracking Funds
FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
BlackRock BlackRock ACS 5050 Global Equity Tracker
BlackRock ACS UK Equity Tracker
BlackRock ACS World ex UK Equity Tracker
BlackRock ACS 6040 Global Equity Tracker
iShares Over 15 Years Gilts Index
iShares Corporate Bond Index
Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund
BlackRock iShares Index Linked Gilt Index
Cr Suisse CS Index Fund (Lux) Equities EMU
BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065
9735
5373
4907
3166
1977
1721
1574
1519
1056
928
Sum 31955
FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Vanguard US
Northern Trust US
BNY Mellon US
Legal amp General GB
Amundi FR
UBS CH
KBC BE
Storebrand NO
Swisscanto CH
69
34
32
11
34
29
65
21
11
69
123882
87652
17958
2978
29332
7029
67819
5943
7063
29129
34912
6837
2730
2674
2386
1470
1392
1304
788
764
Sum 375 378788 55256
EUROPEAN FUND MARKET REVIEW
Page 1324
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
Note Excludes money market funds
broadridgecom
Product ThemesActive vs Passive
FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017
2017
Index Tracking ETF Active
88
77
8484
FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003
Index Tracking ETF Active
3311
9696
EUROPEAN FUND MARKET REVIEW
FIGURE 23 - HISTORICAL NET SALES (eurobn)
2014 2015 2016 2017
Active ETF Index Tracking
30733073
396396 443443
20672067
640640
371371 348348 387387 331331
24682468
505505 526526
Page 1424
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
2017 EDITION
broadridgecom
Product ThemesEquities Emerging Markets
FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
PrudentialMampG Eastspring Investments-Global EM Customized Equity
BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF
Amundi Amundi ETF MSCI Emerging Markets UCITS ETF
Comgest Comgest Growth Emerging Markets
Amundi Amundi Index MSCI Emerging Markets
BTPS BT Hermes Global Emerging Markets
JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund
Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund
RobecoORIX Robeco QI Emerging Conservative Equities
Aviva Aviva Investors - Emerging Markets Equity Income Fund
1885
1444
934
751
641
628
623
540
538
519
Sum 8502
FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
BlackRock US
Amundi FR
JPMorgan AM US
Comgest FR
Vanguard US
RobecoORIX JP
Goldman Sachs US
PrudentialMampG GB
BTPS BT GB
Aviva GB
20
9
10
4
3
11
5
5
1
4
25407
7028
11211
9354
9272
10225
3312
4922
2172
3136
2724
1831
992
823
815
734
655
648
628
550
Sum 72 86039 10398
EUROPEAN FUND MARKET REVIEW
EUROPEAN FUND MARKET REVIEW
Page 1524
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
broadridgecom
Product DevelopmentBank Loan Floating Rate
FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)
Master Groups Fund Name Net Sales
Invesco Invesco US Senior Loan Fund
Deutsche AM DWS Floating Rate Notes
PrudentialMampG MampG Global Floating Rate High Yield
Cr Suisse CS Nova (Lux) Global Senior Loan Fund
Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus
Baring Barings Global Loan
Barings European Loan
NN Group NN (L) FLEX Senior Loans
Eaton Vance Eaton Vance Medallion Institutional Senior Loan
Invesco Invesco European Senior Loan Fund
3258
2871
2606
1657
1645
996
809
767
436
424
Sum 15470
EUROPEAN FUND MARKET REVIEW
FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)
Master Groups NAT Funds Assets Net Sales
Invesco US
Deutsche AM DE
PrudentialMampG GB
Baring US
Cr Suisse CH
Allianz GI DE
Fr Templeton US
NN Group NL
Eaton Vance US
Goldman Sachs US
4
1
1
3
1
1
6
2
4
1
9881
5800
4008
13280
6214
4121
5787
5641
5641
1215
3705
2871
2606
1789
1657
1645
928
764
476
384
Sum 24 61588 16825
Page 1624
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 28 - FUND LAUNCHES amp CLOSURES
Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017
Fund Launches Fund Closures Fund Mergers
4848
123123
142142
9999
160160
200200
9898
122122
219219
7676
194194
234234
8888
235235
293293
4545
148148
194194
8181
142142
210210
8383
133133
227227
6262
129129
150150
6464
131131
186186
5050
150150
231231
FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)
Fund Name Fund Domicile Launch Date Net Sales
BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06
BlackRock ACS UK Equity Tracker United Kingdom 2017-06
BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04
BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06
Gestielle Cedola Corporate Italy 2017-03
UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01
iShares Over 15 Years Gilts Index United Kingdom 2017-03
PUB Equities North America 1 Switzerland 2017-02
CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01
Source Bloomberg Commodity UCITS ETF Ireland 2017-01
9735
5373
4907
3166
2373
2277
1977
1436
1331
1251
Page 1724
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS
2011 2012 2013 2014 2015 2016
Bond Equity Mixed Assets
674674
932932
461461
736736664664
473473
731731733733
552552
672672
861861
598598 594594
946946
677677
541541
727727
588588
2017 EDITION
broadridgecom
Product Development
EUROPEAN FUND MARKET REVIEW
FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)
Master Group Funds Net Sales
BlackRock
Intesa SP
BNY Mellon
Cr Suisse
UBS
BP Cooperativa
KBC
Pioneer
Jyske Bank
ANIMA
24
59
40
10
14
7
38
18
17
18
27121
10994
5327
5250
4236
3794
3410
2691
2548
2114
Sum 245 67484
FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY
Active ETF Index Tracking
11021102
5050
4646
FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)
Fund Region Funds Net Sales
Europe
International
762
436
83295
29066
Sum 1198 112361
Page 1824
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF
Values
TOP 25
REST
TOTAL
185997
58787
244784
FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs
Values
TOP 25
REST
TOTAL
146452
50660
197112
broadridgecom
Note exclude money markets funds and ETF Note exclude money market funds
2017 EDITION
Cross-Border ProgressGroup Winners
EUROPEAN FUND MARKET REVIEW
FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs
Master Groups NAT Funds Net Sales
PIMCO US
PrudentialMampG GB
GAM CH
AXA FR
Invesco US
BlackRock US
Goldman Sachs US
Cr Suisse CH
Pictet CH
Deutsche AM DE
Amundi FR
Vanguard US
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
MMCMercer US
Natixis FR
AQR Capital US
Neuberger Berman US
Aviva GB
Muzinich US
Morgan Stanley US
UBS CH
64
85
131
197
96
166
100
111
103
162
128
33
20
152
138
83
20
48
103
16
29885
10048
8219
7406
7373
7241
7097
6054
5976
5141
5031
4679
4138
4023
3889
3643
3301
3157
3093
3014
40
31
16
96
238
2999
2888
2771
2733
2650
FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs
Master Groups NAT Funds Net Sales
PIMCO US
BlackRock US
Amundi FR
PrudentialMampG GB
Deutsche AM DE
UBS CH
GAM CH
Invesco US
AXA FR
Goldman Sachs US
Soc GenLyxor FR
Vanguard US
Cr Suisse CH
Pictet CH
Carmignac FR
JPMorgan AM US
Schroders GB
Allianz GI DE
Jupiter GB
Natixis FR
MMCMercer US
State Street US
AQR Capital US
Neuberger Berman US
Aviva GB
64
453
230
85
341
325
131
116
197
100
264
51
111
103
20
152
138
83
20
114
29885
23305
11270
10048
9417
8902
8219
7432
7406
7097
6938
6583
6054
5976
4138
4023
3889
3643
3301
3264
48
158
16
40
31
3157
3148
3014
2999
2888
Page 1924
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
broadridgecom
- Excludes money market funds amp ETFs
- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service
- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity
Cross-Border ProgressCross-Border Share of Sales in Europe
FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)
0 10 20 30 40
ItalySpain
United KingdomGermany
SwitzerlandBelgiumFranceAustria
SwedenNetherlands
FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)
-28 -14 0 14 28
ItalyUnited Kingdom
SpainAustria
SwedenBelgiumFrance
GermanyNetherlandsSwitzerland
FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)
0 6 12 18 24
ItalySpain
United KingdomSwitzerland
GermanyNetherlands
FranceAustria
BelgiumSweden
Note to data
Cross-Border Progress Page 2024
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
FIGURE 36 - DOM GERMANY h117
Domestic Net Sales
Mixed Assets Conservative
Asset Allocation Alternative
Bank loanFloating rate
Mixed Assets Balanced
Real Estate
2889
2239
1649
1588
1378
FIGURE 36 - SW SECTOR GERMANY H12017
Cross-Border Real Sales
Bank loanFloating rate
Asset Allocation Alternative
Mixed Assets Income
Bonds Global Currencies
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - SW SECTOR ITALY H117
Cross-Border Real Sales
Mixed Assets Income
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM SWITZERLAND h117
Domestic Net Sales
Bonds Global Currencies
Bonds Global Corporates
Equities North America
Equities Europe
Equities Real Estate
150675
147183
109187
98850
68042
FIGURE 36 - SW SECTOR UK h117
Cross-Border Real Sales
Bonds Global Currencies
Bonds Flexible
Bonds Global Corporates
Bonds Emerging Markets - Local Currency
Equities Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Cross-Border Real Sales
Bonds Global Currencies
Asset Allocation
Bonds Emerging Markets
Bonds Flexible
Asset Allocation Alternative
Confidential
Confidential
Confidential
Confidential
Confidential
Domestic Net Sales
Bonds EUR Short-Term
Equities Euroland
Asset Allocation
Equities France MidSmall Caps
Bonds Alternative
2753
1263
1045
1008
968
FIGURE 36 - SW SECTOR SWITZWELAND h117
Cross-Border Real Sales
Bonds Global Currencies
Bank loanFloating rate
Asset Allocation
Bonds Flexible
Bonds Emerging Markets - Local Currency
Confidential
Confidential
Confidential
Confidential
Confidential
FIGURE 36 - DOM UNITED KINGDOM h117
Domestic Net Sales
Equities Global
Bonds Target Maturity
Bonds UK Gilt
Asset Allocation Alternative
Bonds Inflation Linked
1766213
405309
259590
193244
191177
broadridgecom
FIGURE 36 - DOM ITALY
Domestic Net Sales
Bonds Global Currencies
Mixed Assets Target Maturity
Mixed Assets Conservative
Bonds Emerging Markets
Mixed Assets Balanced
8266
6004
3639
2541
2068
FRANCE
FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)
GERMANY
ITALY
SWITZERLAND
UNITED KINGDOM
Real Sales dataavailable to SalesWatchmembers only
Domestic vs Cross-Border Sectors
Note to data
Cross-Border Progress
Page 2124
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
2017 EDITION
broadridgecom
The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017
Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets
Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds
The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)
1 All data is at June 2017 unless otherwise stated
2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds
3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile
4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)
5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category
6 Property funds are open-ended property funds only
7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name
8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds
9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity
No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc
Footnotes About the Report
EUROPEAN FUND MARKET REVIEW
Page 2224
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
broadridgecom
2017 EDITIONLatest News Page 2324
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-
LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research
LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time
broadridgecom
2017 EDITION
London 19th October Milan 24th October Madrid 25th October
These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend
Conferences
Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers
Broadridge Adds MSCI ESG Fund Metrics Data
2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson
Press Releases
Latest News
Read full release
Read full release
For more information
Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams
copy Copyright 2017 Broadridge Financial Solutions Inc
Page 2424
- copy Copyright 2017 Broadridge Financial Solutions Inc
-