All but one of the top five fund promoters in Europe is a major ETF provider, latest asset sizes for 2016 showed.
JP Morgan Asset Management had €302.2 billion of assets under management at the end of 2016 and ranked second, according to Lipper data.
“Looking at these numbers, one needs to take into account that JP Morgan is the only fund promoter of the leading five fund promoters in Europe that does not offer ETFs,” said Detlef Glow, regional head of research at Thomson Reuters Lipper.
The top five promoters for 2016 based on assets under management were:
· BlackRock €640.3bn
· JP Morgan €302.2bn
· Deutsche Bank €262.6bn
· UBS €261.8bn
· Amundi €226.8bn
According to Lipper’s ‘European Fund Industry Review 2016’, the next five in order were BNP Paribas, Nordea, Schroders, Fidelity, and Union Investment.
BlackRock gathered the most new money in 2016 with net sales of €46.7 billion. Of this €26.6 billion was for ETFs through BlackRock’s iShares division, outstripping the traditional mutual fund business.
“These numbers could be another hint that the European mutual fund industry is undergoing a structural change. In addition, this means that if one looked only at traditional mutual funds, BlackRock would have finished the year as the second best selling fund promoter behind Aviva,” said Glow.
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