The European Fund and Asset Management Association (EFAMA) has today published its European Quarterly Statistical Release for the second quarter of 2025.
Thomas Tilley, Senior Economist at EFAMA, commented on the Q2 2025 figures: “Tariff uncertainty led to a slowdown in net sales of long-term UCITS in Q2 2025. However, on a positive note, households in almost all European countries continued to make strong fund purchases, highlighting the crucial role funds play for retail access to capital markets.”
The main developments in Q2 2025 are as follows:
Net assets of UCITS and AIFs increased by 1.6% in Q2 2025, reaching EUR 23.6 trillion.
UCITS and AIFs attracted EUR 142 billion in net inflows, down from EUR 219 billion in Q1 2025. UCITS saw net inflows of EUR 154 billion, while AIFs registered net outflows of EUR 12 billion.
Long-term funds recorded net inflows of EUR 87 billion. All long-term fund categories experienced net inflows. Bond funds saw net inflows of EUR 45 billion, down from EUR 76 billion in Q1 2025. Equity funds registered net inflows of EUR 20 billion, a decrease from EUR 64 billion in Q1 2025. Multi-asset funds attracted EUR 12 billion in net inflows, compared to EUR 21 billion in Q1 2025.
ETF net sales declined in Q2 2025 compared to the quarter before, but sales remained robust. UCITS ETFs recorded net inflows of EUR 63 billion over the quarter.
Long-term SFDR Article 9 funds saw their seventh consecutive quarter of negative net sales, with net outflows of EUR 1.6 billion. In contrast, long-term SFDR Article 8 funds attracted EUR 33.6 billion in net new money.
Fund acquisitions by European households reached a new record in Q1 2025 (EUR 88 billion). Acquisitions were primarily driven by retail investors in Germany, Italy, and Spain. However, that quarter saw solid acquisitions by households in almost all EU countries.
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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
