EUROPE - The investment fund market in Europe grew by 7.2% in the third quarter and had €6.8trn (US$10.3trn) under management at the end of September, the latest quarterly data by the European Fund and Asset Management Association (EFAMA) revealed.
Since the end of 2008, the European investment fund industry saw its assets rise by 12.4%, or €752bn.
UCITS funds saw €70bn of net inflows in the third quarter, up from €30bn in the second one. This represents a 7.7% increase in the third quarter, which brought assets under management to reach €5.1trn at the end of September.
In the period from January to September total net sales of UCITS reached €122bn. EFAMA said: "Low short-term interest rates and stock valuations, in conjunction with stronger-than-expected GDP growth and a high concentration of financial assets held in bank deposits, contributed to this development."
The association said equity funds experienced the highest asset increase - €197bn or 15%. Balanced and bond funds saw their assets increase by 9% and 8% respectively.
Since the end of 2008, total assets of UCITS have risen by 13.5% or €615bn.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.