US fund manager BlackRock was the best-selling promoter in Europe overall for the first nine months of this year.
With net sales of €68.3 billion, it came ahead of JPMorgan and Goldman Sachs, which both saw sales of €56.9 billion and €23.3 billion respectively, according to data from Refinitiv.
The European funds industry as a whole has seen net inflows to the tune of €297 billion in the first three quarters of 2020.
With over €211 billion of net inflows, money market funds were the best-selling individual asset type for the year to date, while equity global was the best-selling sector among long-term funds.
Detlef Glow, regional head of research at Refinitiv, highlighted that declining markets and net outflows witnessed in the first quarter were reversed by measures taken by central banks and governments, with economic relief packages and quantitative easing programmes.
“The measures taken led to a rebound of the equity markets accompanied by falling interest rates. The return to somewhat normal market circumstances led investors to buy back into mutual funds and ETFs,” he said.
Despite the net inflows to date, 2020 has been a “tough period” for asset management, he added.
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