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Special Report

ESG: The metrics jigsaw


European investment fund market drops 6.7% in Q2

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EUROPE- Combined assets of the Europe’s investment fund market fell 6.7% during the second quarter of this year, resulting in a 2.9% decline for the first half, according to FEFSI, the pan-European federation of investment managers associations and companies.

Net assets under management in the European investment industry totalled e4.44trn at the end of June this year, compared to e4.57trn at the end of 2001, and e4.76trn at the end of the first quarter 2002. First half figures were still e220bn higher than at end-September 2001, however.

Of the e4.44trn in combined assets, France, Luxembourg and Germany continued to dominate, boasting a global market share of almost 60%. The UK, Italy and Ireland followed. The Czech republic, Hungary, and Portugal were the only three countries to have experienced quarter-on quarter growth in assets under management since 2001 year-end.

In the UCITS market, total assets dropped by 6.6% in the second quarter, and 3.2% during the first half, reflecting the sharp falls in stock markets. Low equity exposure in Austria, the Czech Republic, France, Greece, Portugal and Spain helped to limit the decline in UCITS assets in those countries. Italy was noted as having switched its fund portfolios towards money market funds.

Assets under management in the non-UCITS market totalled e966bn by the end of June 2002, from e917bn at the end of December 2001. Non-UCITS predominantly comprise German Spezialfonds, British closed-ended investment trusts, real estate funds and French open-ended employees saving funds. The flows of funds into Spezialfonds grew from e4.3bn in Q1 2002 to e10.7bn in the second quarter.

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