BlackRock and Credit Suisse top fund sales in Brexit month

The world’s biggest investment house, BlackRock, topped sales of European mutual funds with inflows of €5.67 billion during June, while Credit Suisse’s fund management arm and Aviva Investors completed the top three with inflows of €3.69 billion and €2.94 billion, respectively, according to Lipper data released on August 3.

BlackRock also leads the rankings over the 12 months to the end of June (see chart).

A breakdown of the data showed that BlackRock benefited from inflows of €1.32 billion and €0.51 billion into its fixed income and alternatives funds. Credit Suisse recorded inflows of €2.81 billion into its equity funds, while Aviva Investors enjoyed inflows of €0.51 billion and €0.33 billion into its fixed income and alternatives funds.

Making up the top five during June were the investment arms of Wall Street banks JP Morgan and Goldman Sachs, with inflows of €2.79 billion and €2.76 billion, respectively.

According to Lipper, BlackRock also led the rankings for the first half of 2016 with net sales of €18.1 billion. It was followed by Nordea Asset Management (€11.3 billion) and Aviva Investors (€9.3 billion).

Thomas Nehring, head of UK & US institutional and wholesale distribution at Nordea, said: “Nordea’s multi-boutique approach, which combines our internal expertise with some of top investment talent from across the world, remains popular with investors in the UK and across Europe.”

The firm has been significantly boosted by the popularity of its Nordea Stable Return fund, a multi-asset strategy, which over the past 12 months has pulled in €3 billion of assets.

Overall assets in the European mutual fund industry fell over the six months to the end of June from a record level of €8.88 trillion at the end of December to €8.76 trillion, equating to a decrease of €126.7 billion. It comes one day after figures from the Investment Association showed that outflows during June were higher than during the worst months of the financial crisis.

Detlef Glow, Lipper’s head of research in Europe, said: “Considering the rough market conditions during the first half of 2016 and the concerns about a possible Brexit vote in the United Kingdom, it was not surprising that assets under management in the European mutual fund industry decreased from the record level.”

Bond funds recorded the highest net inflows during the period of €38.8 billion, followed by alternatives (€26 billion) and money market funds (€20.1 billion). Conversely, equity funds racked up outflows of €59.16 billion during the six-month period.

All the fund houses were contacted for comment.

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