Nettotegning i fond i Europa i 2016

Rekordhøy forvaltningskapital i europeisk fondsindustri i 2016, på tross av et volatilt år. 

Successive bouts of volatility and roller-coaster equity and bond markets proved too much to stomach for many European fund investors in 2016, as witnessed by suppressed inflows into long-term funds. Based on Morningstar estimates, long-term open-end funds posted net inflows of EUR 75.1 billion last year, a far cry from levels seen in 2015 and 2014 when long-term funds enjoyed net new money of EUR 302 billion and EUR 411 billion, respectively.

The main culprits for the slowdown were open-end equity funds, which shed EUR 76.1 billion during the year–their worst showing in any calendar year since 2008. Inflows into allocation and alternative funds remained comfortably in positive territory but were at a multiyear low, with relatively modest net inflows of EUR 30.6 billion and 38.7 billion, respectively.

Bond funds were the only product group that held its own in 2016, garnering inflows of EUR 80.1 billion. This can be explained by investors’ willingness to chase yields in a market heavily influenced by the European Central Bank, which continued to implement its bond-buying program initiated in the first quarter of 2015. The trend of ever-lowering rates was halted in October, however, as bond yields began to rise. It remains to be seen whether the upward movement continues in 2017.

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Ali Masarwah

Ali Masarwah  Ali Masarwah ist als Chefredakteur für die deutschsprachigen Seiten von Morningstar verantwortlich.

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