On July 18, 2023, the European Securities and Markets Authority (ESMA) published its seventh annual report concerning penalties and measures issued under the UCITS Directive. The report shows that nine National Competent Authorities (NCAs) in Europe have issued a total of 38 measures which amount to penalties of more than 97.4 million EUR against market participants in 2022. A closer view on the single penalties shows that 96.5 million EUR of these penalties were issued by the French regulator Autorité des Marchés Financiers (AMF) against H2O, which leaves the overall amount of penalties issued for all other instances at 0.972

European investors switched to a risk-off mode in February due to uncertainties over a possible shortage in supply chains caused by the outbreak of the coronavirus in China and the respective increased volatility on the global equity markets. Nevertheless, long-term mutual funds posted net inflows for the month. Bond funds (+€30.4 bn) were the best-selling asset type in the long-term mutual funds segment, followed by mixed-assets funds (+€6.2 bn), commodity funds (+€1.0 bn), and “other” funds (+€0.1 bn). Conversely, equity funds (-€1.4 bn), real estate funds (-€2.3 bn), and alternative UCITS funds (-€4.3 bn) faced outflows. These fund flows added

Following the good performance of the equity markets globally, European investors continued to be in risk-on mode in January. Investor sentiment might have been supported by positive news regarding the trade war between the U.S. and China, as well as a clearer situation around Brexit, since both led to a better outlook for general economic growth and company earnings for the year ahead. Despite this, there are concerns over global economic growth which have been triggered by the outbreak of the coronavirus, the effects of which on supply chains and corporate profits are not yet known. Nevertheless, long-term mutual funds

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

It seems like the concerns of European investors regarding general economic growth and, therefore, declining earnings, are gone. This is in spite of continued uncertainty over Brexit and the trade war between China and the U.S. As a result, November was the ninth month during which long-term mutual funds posted net inflows this year. Equity funds (+€24.0 bn) were the best-selling asset type in the segment of long-term mutual funds, followed by mixed-assets funds (+€7.6 bn), bond funds (+€5.8 bn), and real estate funds (+€0.8 bn). Conversely, “other” funds (-€2.5 bn), alternative UCITS funds (-€1.5 bn), and commodity funds (-€0.001

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).

After unexpectedly high outflows in October, European investors pulled further away from long-term mutual funds in November as the market environment and general sentiment remained negative. As a consequence, November was the seventh month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows. Real estate funds (+€0.6 bn) was the only asset type with net inflows for November, while all the other asset types in the segment of long-term mutual funds witnessed net outflows: bond funds (-€21.4 bn), alternative UCITS funds (-€11.1 bn), mixed asset funds (-€5.3 bn), equity funds (-€3.4 bn),

European investors pulled further away from long-term mutual funds as the market environment and general sentiment remained negative. As a consequence October was the sixth month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows. Real estate funds (+€0.3 bn) and commodity funds (+€0.2 bn) enjoyed net inflows, while all the other asset types in the segment of long-term mutual funds witnessed net outflows: bond funds (-€40.7 bn), equity funds (-€31.2 bn), alternative UCITS funds (-€11.4 bn), and mixed asset funds (-€9.1 bn), as well as ”other” funds (-€0.9 bn). These fund

European investors pulled further away from long-term mutual funds as the market environment and general sentiment stayed negative. As a consequence September was the fifth month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows. Real estate funds (+€0.8 bn) enjoyed net inflows, while all the other asset types in the segment of long-term mutual funds witnessed net outflows: bond funds (-€8.9 bn), alternative UCITS funds (-€8.0 bn), mixed-asset funds (-€1.9 bn), equity funds (-€1.3 bn), and ”other” funds (-€1.0 bn) as well as commodity funds (-€0.6 bn). These fund flows added

European investors pulled back further from long-term mutual funds as the market environment and general sentiment stayed negative. As a consequence August was the fourth month in a row 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 (+€2.3 bn) and real estate funds (+€0.5 bn), while all other asset types in the segment of long-term mutual funds witnessed net outflows: bond funds (-€7.4 bn), alternative UCITS funds (-€2.5 bn), “other” funds (-€0.6 bn), and commodity funds (-€0.6 bn) as well as equity

European investors pulled back further from long-term mutual funds as the market environment and general sentiment stayed negative. As a consequence, July was the third 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 (+€1.1 bn) and real estate funds (+€0.7 bn), while all the other asset types in the segment of long-term mutual funds witnessed net outflows. Bond funds (-€0.7 bn), “other” funds (-€1.0 bn), commodity funds (-€1.1 bn), and alternative UCITS funds (-€1.9 bn) as well as equity funds  (-€2.1