Mutual funds in Europe enjoyed estimated net inflows of €123.0 bn in the first half of this year.
According to data from Refinitiv, money market funds (+€152.5 bn) were the best-selling individual asset type overall during the six-month period.
Global equities (+€35.0 bn) was the best-selling sector among long-term funds.
JP Morgan, with net sales of €52.7 bn, was the best-selling fund promoter for H1 2020 overall, well ahead of BlackRock (+€36.4 bn) and Goldman Sachs (+€21.2 bn).
During the first half, the European fund market increased by 21 funds.
The coronavirus pandemic hit the European fund industry with declining markets and estimated net outflows of €125.9 bn in the first quarter.
However the downward trend reversed over the course of the second quarter as central banks and governments around the globe started quantitative easing programs and economic relief packages to cushion the economic drawdowns caused by the spread of the coronavirus and the lockdowns of economies around the globe.
Detlef Glow, Lipper head of Emea research at Refinitiv, said: “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 exchange-traded funds.
“As a result, the European fund industry enjoyed inflows of €123.0 bn over the course of the first half of 2020. Taking all of this into account, H1 2020 was, despite the inflows, a tough period for the European fund industry.”
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