Today, EFAMA has published its latest International Quarterly Statistical Release for Q2 2025.
Ella Vacic, Junior Data Analyst at EFAMA, commented on the Q2 2025 figures: “Net sales of global long-term funds declined and money market funds (MMFs) grew as investors sought safety amidst political and economic uncertainty. Despite this switch, fund sales remained positive overall in most countries.”
We show the following main developments in the worldwide investment fund industry for Q2 2025:
Net assets of worldwide investment funds increased by 0.1% in euro terms.
The second quarter of 2025 saw an increase of 0.1% in net assets of worldwide investment funds to EUR 74 trillion. Measured in US dollar terms, net assets rose by 8.5% due to a depreciation of the US dollar vis-à-vis the euro.
Measured in local currency, net assets in the two largest fund markets, the United States and Europe, increased by 7.0% and 1.6%, respectively.
Net sales of global long-term funds decreased in Q2 2025 but remained positive.
Worldwide long-term funds attracted net inflows of EUR 388 billion, a slight decline from EUR 395 billion in Q1 2025. Europe led with net sales of EUR 82 billion, primarily driven by Ireland, which registered net inflows of EUR 55 billion. The United States followed with EUR 79 billion. The rest of the Americas registered net inflows of EUR 35 billion, with Canada contributing EUR 28 billion. Japan and the Republic of Korea recorded strong net inflows of EUR 8 billion and EUR 23 billion, respectively. China recorded net inflows of EUR 128 billion, compared to net outflows of EUR 60 billion in Q1 2025.
Equity funds registered net inflows of EUR 67 billion, down from EUR 149 billion in Q1 2025. Europe saw net inflows of EUR 18 billion, including EUR 26 billion from Ireland. The United States recorded net outflows of EUR 3 billion, compared to net inflows of EUR 26 billion in Q1 2025.
Bond funds attracted net inflows of EUR 274 billion, up from EUR 214 billion in Q1 2025. This was thanks to strong inflows in China (EUR 102 billion), followed by the United States (EUR 92 billion), the Republic of Korea (EUR 12 billion), and India (EUR 10 billion).
Multi-asset funds recovered slightly, posting net outflows of EUR 9 billion in Q2 2025, compared to net outflows of EUR 36 billion recorded in Q1 2025. The United States and China accounted for the bulk of these negative net sales, with net outflows of EUR 18 billion and EUR 7 billion, respectively. Europe bucked the trend with EUR 12 billion in net inflows.
Global ETFs (equity, bond and other ETFs combined) attracted EUR 358 billion in net inflows during Q2 2025, a decrease from EUR 442 billion in the previous quarter. The strongest inflows were recorded in the United States (EUR 215 billion), followed by Europe (EUR 63 billion, with Ireland and Luxembourg contributing EUR 43 billion and EUR 16 billion, respectively), China (EUR 51 billion), and Canada (EUR 18 billion).
Net inflows into worldwide money market funds (MMFs) rose.
Worldwide MMFs registered net inflows of EUR 241 billion, up from EUR 146 billion in Q1 2025.
Net flows in Q2 were largely driven by China, which saw net sales of EUR 110 billion.
In Europe, net inflows reached EUR 56 billion, primarily driven by Ireland (EUR 19 billion) and Luxembourg (EUR 15 billion).
The United States recorded net inflows of EUR 45 billion, down from EUR 120 billion in Q1 2025.
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About the EFAMA Quarterly International Statistical Releases:
The EFAMA Worldwide Investment Fund Assets and Flows quarterly release focuses on net assets and net sales of worldwide investment funds, whilst also presenting a commentary on the trends in the industry during the quarter. The report contains data on the largest domiciles of investment funds around the globe and the position of Europe in the worldwide context. The report contains statistics from the following 45 countries: Argentina, Brazil, Canada, Chile, Costa Rica, Mexico, United States, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, Australia, China, India, Japan, Republic of Korea, Pakistan, Philippines, Chinese Taipei (Taiwan), and South Africa.
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Hayley McEwen
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