CACEIS NEWS 35
8 caceis news - No. 35 - October 2013
3131
Worldwide
Europe
Country Focus - Germany
Ireland Focus in the next caceis news
Source: EFAMA - September 2013
Source: EFAMA - September 2013
Worldwide Investment Fund Assets Q1 2013 (€ trillion)
Net assets of the European Fund industry Q2 2013 (€ billion) The combined assets of the investment fund market in Europe, i.e. the market for UCITS and non-UCITS, decreased by 1.7% during the second quarter of 2013 to stand at €9,233 billion at end June 2013. With €6,489 billion invested in UCITS, this segment of the business accounted for 70% of the European investment fund market at end June 2013, with the remaining 30% composed of non-UCITS.
Net assets of German investment funds (€ billion)
Investment fund assets worldwide increased 7.3% during the first quarter to stand at €23.78 trillion at the end of March 2013.
The German fund market accounts for around 15% of European assets under management. Total net assets of funds domiciled in Germany reached just over €1,374 billion at end July 2013. The increase of €32 billion since January 2013 is chiefly attributable to specialised funds which are reserved for institutional investors.
1,000 1,100 1,200 1,300 1,400
1,374
23.78
19.97 20.85 21.42 21.95 22.17
19.49 18.58
Country Austria Belgium Bulgaria
€bn 148
Share
900
1.6% 1.0%
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
89
800
2011
2012
2013
3 5
-
Total net assets Type Split - Q1 2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 700
Czech Republic
0.1% 1.9% 0.7%
Denmark
171
Equity
38%
July
Finland France
69
Money Market
15%
1,475 1,317
16.0% 14.3%
Germany
Source: Deutsche Bundesbank - July 2013
Bond
24%
Greece
7
0.1% 0.2%
Type of unitholder
Balanced
11%
Hungary
14
Funds assets, total: 1,374 billion
Ireland
1,278
13.8%
Other
12%
Italy
198
2.2% 0.3%
Specialised funds’ assets under management have risen steeply since the beginning of monetary union (+140%) compared with assets managed by retail funds which have grown at a distinctly slower rate of a little more than 50% since
Trends by investment type Q1 2013 (€ trillion)
Liechtenstein Luxembourg
31
Retail funds €357bn 26%
2,486
26.9%
Equity fund assets worldwide increased 10.8% during the first quarter to €9.0 trillion. Over the same period, net assets of bond funds grew 5.9% to stand at €5.6 trillion. Net assets of money market funds remained flat during the quarter at €3.6 trillion, whilst net assets of balanced/mixed funds recorded growth of 7.9% to stand at €2.6 trillion.
Malta
9
0.1% 0.7% 0.8% 0.4% 0.3%
Specialised funds €1,017bn 74%
Netherlands
67 77 38 25
Norway Poland Portugal Romania Slovakia Slovenia
4 4 2
- - -
Source: Deutsche Bundesbank - July 2013
Type of investment
Money Market Bonds Balanced
Equity
10
Funds assets, total: 1,374 billion
Spain
162 182 344
1.8% 2.0% 3.6% 0.3%
Sweden
8
Switzerland
Other funds
2% Money market funds <0%
6
Turkey
24
United Kingdom
1,004 9,233 6,489 2,744
10.9%
Equity funds 14%
4
Total UCITS
100.0%
70.3% 29.7%
2
Bond funds 28%
Funds of funds 5%
Non-UCITS
0
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Open-end real estate funds 9%
2011
2012
2013
Equity fund net assets decreased 2.6% to stand at €2,226 billion at quarter end. Bond fund net assets decreased 1% to €1,915 billion, whereas money market fund net assets reduced 6.7% during the quarter to €944 billion Net assets of balanced funds fell slightly (0.8%) during the quarter to €1,047 billion. European trends in assets by UCITS type Q2 2013 (€ billion)
Net Sales of Investment Funds Q1 2013 (€ billion)
Mixed securities-based funds 26%
Worldwide net cash flow to all funds was €320 billion in the first quarter, compared to €369 billion of net inflows in the fourth quarter of 2012. Flows into long term funds increased to €402 billion in the first quarter, the highest net sales figure for long-term funds ever. Outflows from money market funds were €82 billion in the first quarter of 2013.
Mixed funds 16%
Source: Deutsche Bundesbank - July 2013
Asset structure
Money market Bonds Balanced Other (incl.FoF)
Equity
2,400
While retail funds have slightly increased their equity ratios to 56% since 2002, specialised funds have cut their equity exposure from 20% in spring 2003 to 10% at last count. The bond exposure of specialised funds is currently very high at just over 70%.
Investment fund share 18%
2,000
Debt securities 60%
369
1,600
320
1,200
193
167
165
147
Shares 22%
102
99
800
83
400
Q3 Q4 -104
0
2010 Q4
Q2
Q3 Q4
2013 Q1
Q1
Q2
Q1
Q3
Q1
Q2
Q3
Q4
Q1
Q2
Q4
2011
2012
2011
2012
2013
Source: Deutsche Bundesbank - July 2013
Split by region of UCITS distribution Q1 2013
Net Sales of UCITS - Q2 2013 (€ billion)
Net sales of investment funds in Germany (€ billion)
UCITS recorded a sixth consecutive quarter of net inflows (€12 billion), despite registering a steep decline in demand during the second quarter of the year, due to increased net outflows frommoney market funds and reduced net sales of long-term UCITS.
Other 2.8%
Brazil 5 . 6%
Australia 5 . 7%
Net sales of specialised funds are much higher than those of retail funds. In 2012, specialised funds counted net inflows of €75 billion and retail funds of €25 billion. For the first seven months of 2013, specialised funds recorded net inflows of €42 billion compared to €36 billion for the previous similar period.
USA 49 . 5%
132
95
78
Europe 27.9%
January - July
2013
2012
2011
2010
2009
20
Retail funds
16
8
1
13
1
12
8
Specialised funds
42
36
19
29
6
-50
China 1 . 4%
-83
Japan 3.5%
Canada 3.6%
Source: Bundesverband Investment und Asset Management e.v. (BVI) - July 2013
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2011
2012
2013
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