The European Fund and Asset Management Association (EFAMA) has today published its European Quarterly Statistical Release for the third quarter of 2025.
Thomas Tilley, Senior Economist at EFAMA, commented on the Q3 2025 figures: “Strong net inflows into European funds in Q3 2025 were primarily driven by record quarterly net sales of bond funds. This surge in bond UCITS likely reflected attractive interest rates and an increased perception of equity risk due to ongoing geopolitical tensions and elevated valuations in certain parts of the stock market.”
The main developments in Q3 2025 are as follows:
Net assets of UCITS and AIFs increased by 4.1% in Q3 2025, reaching EUR 24.52 trillion.
UCITS and AIFs attracted EUR 275 billion in net inflows, up from EUR 142 billion in Q2 2025. UCITS saw net inflows of EUR 252 billion, while AIFs registered net outflows of EUR 23 billion.
Long-term funds recorded net inflows of EUR 236 billion. All long-term fund categories experienced fresh net inflows. Bond funds saw record net inflows of EUR 111 billion, up from EUR 45 billion in Q2 2025. Equity funds registered net inflows of EUR 64 billion, an increase from EUR 20 billion in Q2 2025. Multi-asset funds attracted EUR 26 billion in net inflows, compared to EUR 12 billion in Q2 2025.
ETF continued to attract strong sales in Q2 2025. UCITS ETFs recorded net inflows of EUR 90 billion over the quarter. Net sales of ETFs are on track for a new record in 2025.
SFDR funds continue to see similar trends as in past quarters. Article 9 funds recorded their eighth consecutive quarter of negative net sales, amounting to EUR 7.2 billion in Q3 2025. Net outflows were mainly driven by equity funds. Long-term Article 8 funds registered sustained positive net inflows, thanks to bond funds.
European households maintained their appetite for investment funds in Q2 2025, despite tariff turmoil that quarter. Net acquisitions by European retail investors amounted to EUR 77 billion in Q2 2025. These were primarily driven by households in Germany, France, Italy and Spain, each with net acquisitions above EUR 10 billion. However, the interest in funds was broad-based, with robust acquisitions by retail investors in all but one EU country.
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Notes to editors
About the EFAMA Quarterly Statistical Release:
The release is published by EFAMA every quarter and presents net sales and net assets data for UCITS and AIFs for 29 European countries: Austria, Belgium, Bulgaria, 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, and United Kingdom. It also includes a section providing information on the owners of investment funds in Europe and their net purchases of funds.
For further information, please contact:
Hayley McEwen
Head of communications & membership development
