This is the 16th edition of our ‘Asset Management in Europe’ report. The report provides an in-depth analysis of recent trends in the European asset management industry.
Some of the main findings include:
This is the 16th edition of our ‘Asset Management in Europe’ report. The report provides an in-depth analysis of recent trends in the European asset management industry.
Some of the main findings include:
As the European Parliament adopted its position and the Council reached its General Approach, the Association for Financial Markets in Europe (AFME), the European Association of Co-operative Banks (EACB), the European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA), the European Savings and Retail Banking Group (ESBG), and Insurance Europe call on the co-legislators to deliver on commitments to boost European competitiveness and to avoid concluding the Financial Data Access (FiDA) Regulation before a thorough a
EFAMA has today published its European Quarterly Statistical Release for Q3 of 2024.
Thomas Tilley, Senior Economist at EFAMA, commented: “Net inflows into long-term funds slowed during the third quarter of 2024, while money market funds attracted strong net sales. In times of market volatility, MMFs often serve as a ‘safe haven’ investment option for investors.”
The EU Securitisation Regulation, which aimed to enhance transparency and strengthen trust, is undergoing a very timely review. EFAMA supports the European Commission’s initiative to engage stakeholders in shaping key improvements to this critical framework.
EFAMA has published its latest Monthly Statistical Release for September 2024.
The undersigned associations welcome the new European Commission’s objectives to boost the EU’s competitiveness, focus on the enforcement of existing legislation and simplify regulatory frameworks. We appreciate that this was also echoed by the Commissioner-Designate Maria Luis Albuquerque during her confirmation hearing in the European Parliament.
European Commission must ensure they don’t hinder much-needed EU investment
Following recent market disruptions such as the COVID-19 pandemic and the UK gilt market crisis, the European Commission is reviewing the adequacy of macroprudential policies for non-bank financial intermediation (NBFI). In July 2024, they launched a consultation to determine whether the EU should repurpose specific micro-prudential instruments or introduce new macroprudential requirements.
In its response to the Commission’s consultation on assessing the adequacy of macroprudential policies for NBFI, EFAMA stresses that Europe needs more holistic and rigorous analyses to determine where financial stability risks lie. Unfortunately, even though investment funds have proven resilient in recent years despite frequent market disruptions, the consultation focuses on the asset management industry.
EFAMA welcomes the opportunity to respond to the EBA on its proposal for a new prudential regime for investment firms. As the EBA is aware, the activity of portfolio management on behalf of thirdparty clients broadly falls under three separate EU legal regimes:
i. Individual discretionary portfolio management performed by investment firms on a client-byclient basis, authorised under and complying with the Markets in Financial Instruments Directive, as per Annex I Section A, point 4 (as recently amended by MiFID II);
EFAMA welcomes ESMA’s Consultation Paper on product governance requirements and specifically on the target market assessment and supports that the details of these requirements are laid out in the form of guidelines rather than Q&A. We agree with ESMA that drafting target market guidelines is an important aspect “for ensuring the common, uniform and consistent application” of the MIFID II product governance requirements, in particular since these rules have the potential to significantly alter the European distribution landscape.
EFAMA is closely monitoring the recent regulatory developments in the field of anti-money laundering and counter-terrorist financing, in particular the due diligence duties of the asset management sector. EFAMA is embracing the objective of enhancing transparency and accessibility to the beneficial ownership information and also fully acknowledges the importance of obtaining accurate identification and verification data of natural and legal persons for fighting money laundering and terrorist financing.
EFAMA supports every efforts made to enhance financial markets regulation which reinforces the stability and the transparency of the financial system.
In that perspective, EFAMA welcomes the opportunity to comment on the ESMA Consultation Paper on RTS specifying the scope of the consolidated tape for non-equity financial instruments. We consider that a consolidate tape (“CT”) is a key positive factor for price formation and transparency.
Prior to replying to the consultation, we wish to make the following general remarks
EFAMA is the representative association for the European investment management industry. EFAMA represents through its 28 member associations and 62 corporate members EUR 21 trillion in assets under management of which EUR 12.6 trillion managed by 56,000 investment funds at end 2015. Just over 30,000 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) funds, with the remaining 25,900 funds composed of AIFs (Alternative Investment Funds). Our industry provides significant and stable flows of finance to the European economy.
EFAMA welcomes the opportunity to provide comments to the ESMA Consultation Paper on the draft technical standards under the Benchmark Regulation. EFAMA also welcomes a number of clarifications that ESMA is providing in this Consultation since its previous Discussion Paper.

Discover the 6 reasons why your organisation should become a member of EFAMA.
Our members enjoy significant benefits including the opportunity to shape the industry positions, get first-hand access to regulatory and political intelligence, engage with industry peers and policymakers, and take part in EFAMA events.
Our three membership categories cater to the wide range of organisations that make up and support the investment management industry in Europe.