Nordea’s €18.6 billion Stable Return multi-asset fund – which closed to new investors in September due to capacity concerns – topped the flows chart for the year to November 30, pulling in a net €10.7 billion during the period, according to data supplied to FN by Morningstar.
The fund did, however, record a €703.8 million net outflows during November.
The fund returned 2.27% over the year to November 30 and made cumulative returns of 15.34% and 35.9% over the last three and five years, respectively, according to its November factsheet. But performance has come off the boil over the last three months, with the fund losing 3.68%.
Nordea, the largest asset manager in the Nordic region with €214.5 billion under management, attracted total net inflows of €12.8 billion in Europe this year. Earlier this month it named Nils Bolmstrand, the head of Nordea’s life and pensions arm, as its new chief executive.
Thomas Nehring, Nordea’s head of institutional and wholesale distribution for the UK and US, said: “Despite the ongoing volatility in markets, it is pleasing to note Nordea has witnessed strong sales in 2016, continuing the solid momentum we have built up over a number of years.”
Bond giant Pimco’s €19.1 billion GIS Income fund, managed by group chief investment officer Dan Ivascyn and portfolio manager Alfred Murata, is placed second for fund flows in Europe. It had net inflows of €6.9 billion during the 11-month period, propelled by returns of 6.87% for the year-to-date, according to its November factsheet. It has returned an annualised 5.85% over the last three years.
Ivascyn said: “We believe this environment favours active strategies. Risk management, including maintenance of sufficient liquidity and portfolio flexibility, is critical to navigating markets that will likely be volatile over the coming months.”
In total, Pimco has attracted €8.1 billion in net inflows in Europe this year.
Completing the top three was JP Morgan’s €6 billion Global Macro Opportunities fund, which has, in proportion to its size, pulled in a mammoth €5.4 billion in net inflows during the year to the end of November.
However, it recorded net outflows of €362.5 million in November.
The fund has lost 7.03% over the year-to-date to November 30, according to performance data on JP Morgan’s website. But over three and five years it has produced annualised returns of 5.18% and 6.3%, respectively.
James Elliot, one of three managers for the fund, said: “Falling return expectations for traditional balanced portfolios, limited diversification benefit from fixed income and the potential for a pick-up in volatility are forcing investors to broaden their opportunity set to maintain the risk/return profile that they are used to. Meanwhile, political and policy developments in 2016 have further demonstrated the extent to which macro trends and changes can drive asset prices.”