EFAMA has today published its European Quarterly Statistical Release for Q4 2022, together with an overview of the full year 2022.
Bernard Delbecque, Senior Director for Economics and Research at EFAMA, commented on the developments in the fourth quarter and the prospects for 2023: “Net outflows from long-term UCITS decelerated sharply in the last quarter of 2022, as net sales of bond funds turned positive again and net outflows from equity funds fell sharply. With inflation easing and Fed and ECB official interest rates approaching the highest levels observed in the past 20 years, 2023 should be a good year for bond funds. It is less clear how the demand for equity funds will develop in the coming months, despite a strong start, given the remaining uncertainties about the resilience of the global economy to the tightening of monetary policy and the war in Ukraine.”
The main developments through the quarter are as follows:
- Net assets of UCITS and AIFs rebounded in the fourth quarter and rose by 0.8%.
- UCITS and AIFs recorded positive quarterly net sales for the first time in 2022 (EUR 75 billion).
- Net outflows from long-term UCITS slowed down to EUR 36 billion, from EUR 108 billion in Q3 2022.
- Net sales of money market funds rose to a record high (EUR 170 billion).
- SFDR Article 9 funds registered their 7th consecutive quarter of net inflows.
2022 full year highlights include:
- Net assets of UCITS and AIFs declined by 12.4%, with close to 90% of this decline being explained by the decline in stock and bond values and the remaining 10% by outflows from investors.
- UCITS and AIFs recorded net outflows of EUR 184 billion and EUR 101 billion, respectively.
- Net outflows from UCITS equity funds remained relatively small (EUR 70 billion).
- AIF equity funds recorded significant net outflows (EUR 219 billion), as AIFs became less attractive for pension funds in the Netherlands and Denmark.
- UCITS bond funds posted net outflows of EUR 129 billion, compared to EUR 4 billion for AIF bond funds.
- UCITS and AIF multi-assets, money market, and other funds continued to record net inflows: EUR 63 billion, EUR 9 billion, and EUR 66 billion, respectively.
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.
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