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EFAMA Report: Household Participation in Capital Markets 

​10 September 2020

EFAMA publishes a report entitled ‘Household Participation in Capital Markets – Assessing the current state and measuring future progress’. This publication precedes the European Commission’s forthcoming new Action Plan on the Capital Markets Union (CMU). It includes ten concrete policy recommendations to help advance the CMU, including the introduction of a Key Performance Indicator (KPI) to monitor progress in household participation in capital markets.

Discover the report​

Analyse the country statistical profiles​

Read the related Press Release ​


EFAMA Report: Ownership of Investment Funds in Europe

25 February 2019

EFAMA publishes its first report on the ownership of investment funds in Europe.
The report provides a wealth of facts and figures on the evolution of holdings of financial assets and investment funds among European investors in recent years. It aims to answer three main questions:
•How have holdings of financial assets and investment funds among European investors evolved in recent years?
•Who are the main owners of investment funds in Europe?
•To what extent do European investors hold cross-border investment funds?

Click here to read the report.
Click here for the related press release.


EFAMA Report: Closet Index Funds (July 2016)

26 July 2016


EFAMA has reviewed ESMA’s statement “Supervisory work on potential index tracking”, which sets out research to determine whether any indication of closet indexing could be found at EU level.  To contribute to the debate on this matter, EFAMA has prepared a paper, which highlights the limits of identifying closet index funds through a statistical analysis, drawing on recently published research papers.


The paper takes this analysis one step further by discussing how national competent authorities can identify closet index funds and whether there is a need to respond to closet indexing by clarifying and/or improving the current regulatory rules on fund disclosure.
EFAMA Report on Closet Index Funds

EFAMA Survey: What can the industry do to encourage long-term savings

25 September 2012

The full survey is available here and read the press release


Solvency II: Data Impacts on Asset Management


25 June 2012

The full survey is available here

The report highlights the need for the asset management industry to proactively work with European insurance companies to respond to the strategic changes caused by the Solvency II Directive



FTT Impact Analysis

27 February 2012
Download the document here:  FTT Impact Analysis Report.pdf 
A report of the potential impact of the FTT on the UCITS Industry.

Fund Fees in Europe: TER Report 

4 October 2011
Download the document here: EFAMA_Fund Fees in Europe 2011.pdf 
EFAMA promotes TER Report to improve transparency of investment fees.
A report commissioned by the European Fund and Asset Managemetn Association published on 4 October 2011 aims to give investors greater transparency and understanding of cost breakdown within the Total Expense Ratio ("TER") of European mutual funds.

UCITS as a Global Brand

23 April 2009
Download the document here:  Ucits as a Global Brand 2009.pdf 
Key findings of the survey:
  • The global financial crisis had a severe impact on net sales of cross-border UCITS in Europe and Asia in 2008. Total net outflows sourced in Europe and Asia reached EUR 20.8 billion and EUR 11.8 billion in 2008, respectively. Net sales remained positive in Latin America and the Middle East in 2008, albeit at low levels.
  • The turnaround in the net sales in Asia occurred in the second half of 2008, when it became clear that the world economy was stepping into a global recession of dramatic proportions following the bankruptcy of Lehman Brothers. These developments affected the savings market in Asia in two different ways:
  • Losses on Lehman-linked "minibonds" and structured notes triggered a crisis of confidence among Asian investors, primarily benefiting investment in cash reserves.
  • The worsening of the economic crisis in advanced economies led to a sharp deterioration in the growth prospects in Asia, caused by falling export demand. This development, together with the massive losses recorded on worldwide stock markets, caused a further decline in investor demand for UCITS.