
The European fund industry is currently facing a changing market environment. On one hand, it has become apparent that European investors prefer ETFs over mutual funds as a distribution wrapper, especially in the segment of equity products. This trend has already started to hurt the balance sheets of some fund promoters in Europe. Therefore, any fund promoter in Europe needs to make a strategic decision whether or not to also offer its products in an ETF wrapper in the future. On the other hand, it seems that the old distribution approaches no longer work as well as in the past,