Actively managed ETFs and semi-liquid alternatives are redefining the European fund landscape, as revealed in Broadridge’s 2025 Fund Brand 50 (FB50) report.
The 2025 edition of the report also highlighted a pivot away from traditional active mutual funds toward new structures that combine efficiency, access and innovation. As European selectors placed more weight on “appealing investment strategy” than their peers in the US and Asia Pacific, the demand for active ETFs reached a peak, with equity ETF providers recording their best year to date.
BlackRock retained its global number one position for another year, however, JPMorgan is closing in fast. The US bank took the top spot in Germany and Italy, and placed ahead of BlackRock in Sweden and Switzerland, signalling a regional shift. In France, BlackRock slipped to the fourth position, behind Natixis, Pictet and Amundi. The growing rivalry between BlackRock and JPMorgan sets the stage for a possible leadership change in the European brand rankings by 2026, according to the report.
While the top five remain unchanged, the rest of the top 10 saw major reshuffling, with passive specialists climbing and new entrants emerging. Despite challenges, active managers like Baillie Gifford and Artemis gained.
Robeco and Nordea, both associated with strong ESG credentials, saw declines in brand perception as ESG investing lost favour. The report attributed this to a rise in “greenhushing,” as asset managers dial back sustainability messaging amid fears of political backlash and legal scrutiny.
The ESG reversal is just one of many challenges asset managers faced in 2024. A year marked by geopolitical turbulence, fee compression, and resourcing cuts forced firms to rethink their models. Many of the best performing brands in the FB50 were those that diversified into fast-growing areas like active ETFs and semi-liquid alternatives. These newer segments not only offered higher margins but also aligned closely with investor demand for innovative structures capable of delivering returns in a low-growth, high-volatility environment.
Selectors also placed increased importance on brand attributes tied to clarity and capability. “Expert in what they do” rose to second place in Europe, overtaking “client-oriented thinking,” while “keeping best informed” and “solidity” rounded out the top five. As selectors face growing complexity in product choice and market conditions, firms offering transparent, well-communicated strategies with proven expertise are being rewarded, according to the report.
The report also underlined the role of communications. Asset managers praised for strategic, state-of-the-art communications outperformed others on brand strength, even in challenging markets. Pimco, for instance, fell to 12th globally, as bond ETFs gained favour over traditional fixed income funds, but remained widely respected for its investor communications.
In terms of product trends, active ETFs were the clear winners in Europe, with record inflows reported throughout 2024. Managers who previously focused on mutual funds began launching active ETF equivalents to meet demand. Alternatives also gained traction, with a notable uptick in launches of semi-liquid strategies designed to offer institutional-like access to private markets for retail and high-net-worth investors.
UK remains top domicile as fund managers adapt in 2025
While having a distinct product range remains essential, Broadridge warned that it is more of hygiene factor than a differentiator. “Today’s fund selector expects intuitive client service, highly effective and strategic communications, and thorough expertise in newer and more complex product segments – although EMEA selectors place a lower premium on ‘Solidity’ than their APAC and US counterparts,” stated the report.
“An unchanged trio of US fund providers top the brand ranking. JP Morgan closed the gap further in 2024 on first-ranked BlackRock, as both groups score highly across all 10 brand attributes, except ‘Social responsibility/sustainability’. European groups are still well-represented at the top table, making up five of the top 10, with DWS breaking into the top 10 for the first time,” said Barbara Wall, director, Emea insights, Broadridge.
