Morningstar: Europe’s fund assets hit new all-time high in 2020

Morningstar: Europe’s fund assets hit new all-time high in 2020

27 januari 2021

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This is the latest Morningstar European Asset Flows Commentary, showing data and analysis of open-end funds and ETFs domiciled in Europe for full-year and December 2020.

Highlights from the report include: ­

  • Thanks to a spectacular market rebound and a return to favor of funds that started in April, assets in long-term funds hit an all-time high in 2020.
  • Global large-cap blend equity funds saw the highest inflows on a Morningstar Category level in December, raking in more than EUR 12.5 billion for the month. For the full year, global equity growth and technology equity funds were the most-loved categories.
  • It was another horrible year for alternative multistrategy funds, which suffered heavy outflows over the course of the last year.
  • BlackRock topped the list of active managers in December. For the full year, JP Morgan bagged the crown thanks to flows to multiple equity and bond-fund categories. Invesco, Franklin Templeton, and M&G suffered double-digit billion EUR outflows in 2020.
  • On the passive side, iShares outpaced its competitors, while State Street and Pictet suffered the heaviest redemptions in 2020.
  • Due to the equity rally in the fourth quarter and strong December inflows, the Swedish pension fund AP7 Aktiefond regained the title of Europe's largest long-term fund at the expense of Pimco GIS Income Fund.

Ali Masarwah, Director, EMEA Editorial Research, comments: “It was clear well before the books were closed on the last days of December that 2020 would be a positive year for Europe’s fund industry and investors alike. It remained unclear just how good the year could get. Morningstar’s European Asset Flow data now reveal that 2020 was a spectacular year, even after fund promoters had been overwhelmed by the first quarter’s gargantuan market crash and huge redemptions. Thanks to an amazing market rebound and a return to favour of funds that started in April, assets in long-term funds hit an all-time high in 2020.”

Valerio Baselli, Senior Editor, EMEA Editorial Research, comments: “While net flows were a far cry from record-breaking 2017, when long-term funds were flooded with EUR 754 billion, net sales of EUR 238 billion in the fourth quarter of 2020 set a historical record. However, in a mirror image, the first quarter of last year also set a negative record: outflows were the highest in any three-month period, thus even outpacing the redemptions that exited long-term funds during the financial crisis.”

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