November 2020 was another positive month for the European fund industry since the mutual fund promoters enjoyed inflows (+€74.7 bn). Meanwhile, the market environment has become quite uncertain as the second wave of the COVID-19 pandemic hit major markets in Europe and investors feared a second coronavirus lockdown-induced economic downturn. Despite these fears, investors bought into risk assets as long-term funds enjoyed estimated net inflows of €67.4 bn while money market products had estimated inflows of €7.3 bn. Equity funds (+€63.4 bn) were the best-selling asset type overall for November 2020. The category was followed by mixed-assets funds (+€77.6 bn)

Following the good performance of the equity markets globally, European investors continued to be in risk-on mode in December. The sentiment of investors might have been supported by a calm market during the trade war between the U.S. and China, as well as a clearer situation around Brexit after the general election in the UK, since both led to a better outlook for general economic growth and company earnings for the year ahead. As a result, December was the tenth month during which long-term mutual funds posted net inflows in 2019. Equity funds (+€26.3 bn) were the best-selling asset type

The European fund industry enjoyed estimated net inflows of €41.3 bn in H1 2019. These inflows follow the first year with estimated net outflows since 2011. These inflows occurred in a volatile but positive market environment driven by discussions of a possible trade war between the U.S. and China, a possible return of the Euro crisis caused by developments in Italy and France, and a general economic slowdown with decreasing earnings at the company level. Nevertheless, since the equity markets showed a rebound over the course of H1 2019, one would expect to see net inflows into mutual funds. That

The European fund industry faced estimated net outflows of €58.3 bn in Q1 2019. These outflows came after the first year with estimated net outflows since 2012. The flows were mainly driven by the discussions about a possible trade war between the U.S. and China, a possible return of the Euro crisis caused by developments in Italy and France, an environment of rising interest rates in the U.S., and a general economic slowdown with decreasing earnings at the company level. Nevertheless, since the equity markets showed a rebound over the course of Q1 2019, one would have expected to see

The negative trend with regard to fund flows in Europe continued in January, even as the securities markets showed a rebound. As a consequence, January was the ninth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows. It was surprising that bond funds (+€12.7 bn) were the best-selling asset type in the segment of long-term mutual funds, followed by real estate funds (+€1.0 bn). All other asset types faced outflows: alternative UCITS funds (-€7.7 bn), equity funds (-€7.4 bn), mixed-asset funds (-€3.5 bn), commodity funds (-€1.1 bn), and “other” funds (-€1.0 bn).

European investors pulled back further from long-term mutual funds as the market environment and general sentiment turned negative. As a consequence, June was the second month posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows. That said, European fund promoters still enjoyed net inflows into mixed-asset funds (+€3.4 bn), followed by real estate funds (+€1.1 bn) and commodity funds (+€0.2 bn). In contrast, bond funds (-€15.0 bn) were the asset type with the highest net outflows from long-term mutual funds for the second month in a row, bettered by equity funds (-€11.0 bn), “other” funds

Generali’s rumble with Intesa Sanpaolo has left a fading wake-up call. After facing down a bid by the Italian bank last month, the insurer is accelerating cost cuts and hiking its dividend. The trouble for investors is that Intesa’s interest looks a one-off. Generali is hard to take out. Intesa wanted to buy and break it up, yet failed to get enthusiasm from buyers for the bits it didn’t want or its shareholders. Other potential acquirers, like Allianz or AXA, face competition issues. That leaves Generali nursing its own problems. One is common for life assurers – the gap between

Italian national treasures are becoming an endangered species. Generali’s stock jumped on Monday after La Stampa reported it could be the target of a takeover approach by Germany’s Allianz, with lender Intesa Sanpaolo as a wing-man. Generali’s woes aren’t so easily solved. A plain-vanilla merger might create some opportunities for cost savings, but would face challenges. The company would bring together the first and second players in German life insurance, with a combined market share of over 30 percent. They would also come close in Italian property and casualty business. A deal would also be a volte-face for Allianz chief