Nordea climbs sales ranking, as Goldman and State Street slip

Nordea’s head offices are in Stockholm

The Nordic asset manager climbed the 12-month rankings to third, with net sales of €16.4 billion – after pulling in €3 billion during July alone – according to the data provider Thomson Reuters Lipper.

These flows were due to a strong month of sales for its Nordea Stable Return fund, a diversified multi-asset fund now among Europe’s largest, which has assets under management of €17 billion, according to separate figures from Morningstar.

Ali Masarwah, Morningstar’s European director of editorial research, wrote: “As a result of its massive net inflows in recent months, Nordea Stable Return Fund was catapulted into the list of Europe’s 10 largest long-term open-end funds for the first time.”

According to Thomson Reuters Lipper’s 12-month numbers, fund houses that lost relative ground in July included Goldman Sachs Asset Management, which dropped from seventh place to 16th on the back of July sales. State Street Global Advisors fell from third place to fifth place.

GSAM and SSgA were not immediately able to respond to requests for comment.

Across the year as a whole, BlackRock held onto its crown as the top-selling fund manager in Europe. It took a net €52 billion into its mutual funds in the 12 months to the end of July, according to Thomson Reuters Lipper. Much of these assets entered its iShares ETFs business but in July BlackRock was also Europe’s biggest seller of bond funds, Lipper said.

Coming second to BlackRock, the next biggest seller of mutual funds in Europe in the 12 months to July 31 was Aviva Investors, with net sales of €19 billion, according to Lipper. Its flagship Aviva Investors Multi-Asset Strategies range has continued to sell well.

Morningstar data shows that investors pulled a net €13.2 billion of outflows from equity funds across the industry during July, continuing a trend in place for much of the past year. European equity funds were particularly hard-hit.

But inflows into fixed income stayed healthy, at €22 billion for the month, while asset-allocation, or multi-asset, funds took in €5.6 billion, the highest level this year. Property funds suffered a net outflow of €820 million following Brexit — and Morningstar said it might have been more if a series of UK commercial real estate funds had not frozen redemptions.

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