July 2020 – The European Fund and Asset Management Association (EFAMA), has
published its 2020 industry Fact Book. The 2020 Fact Book provides an in-depth analysis of trends in the
European fund industry as well as international level, focusing on the U.S.,
other advanced economies and emerging markets.
A new section covers the demand for funds at
national level and per investor type, the share of local and cross-border funds
held in each country, and the sales of funds outside Europe. It also highlights the
continuous growth of the cross-border
funds market and points to overall low investment fund ownership by European households
Institutional investors are by far the largest investors in investment funds. Insurers and pension funds accounted for almost 42% of total investment fund ownership at the end of 2019, and this share has increased in recent years. Retail investors, on the other hand, accounted for only 23.8% of fund ownership and their share has declined steadily these past years.
EFAMA's Director General Tanguy van de Werve commented:
“The EFAMA Fact Book has become the definitive touchstone for the most reliable data around UCITS and AIFs, and this new edition is no exception.
“The international growth of the cross-border market demonstrates the success of UCITS as a global brand. However, there is no room for complacency. The well-documented flaws of the PRIIPs KID must be remedied as a matter of urgency to avoid contaminating the well-functioning UCITS framework, one of the few European success stories in the financial services space. Members of the High-Level Forum on the CMU seem to share that view.
“The persistent low demand for investment funds by retail investors continues to be a cause for concern in view of the low-for-long interest rate environment and the worrying retirement savings gap in most Member States. All efforts should be made to increase retail participation in capital markets, including at national level."
developments in 2019 and over the past decade:
Net sales of UCITS and AIFs rebounded to EUR 542 billion in 2019, rallying from the low reached in 2018 (EUR 258 billion).
Net sales of European investment funds more than doubled in 2019, despite lingering concerns over trade tensions and economic growth. UCITS saw net sales bounce back to EUR 391 billion in 2019 and net sales of AIFs rose to EUR 151 billion.
The four largest European countries feature in this list, reflecting the relative sizes of their economies and populations. The Netherlands belongs to this group due to the size of its occupational pension funds, which tend to invest a significant share of their portfolios in investment funds.
full Fact Book is available as a hard copy or digitally at https://webshop.efama.org/Pages/Home.aspx. Each purchase comes with a complimentary
statistical package in Excel, containing a set of 30 tables with
historical time series on net assets and number of UCITS and AIFs at country
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Notes to editors:
European Fund and Asset Management Association (EFAMA):
EFAMA, the voice
of the European investment management industry, represents 28 member
associations and 59 corporate members. At end 2019,
total net assets of European investment funds reached EUR 17.8 trillion.
These assets were managed by close to 34,200 UCITS (Undertakings
for Collective Investments in Transferable Securities) and 29,000 AIFs
(Alternative Investment Funds). More information available at www.efama.org.