EFAMA International Statistical Release (2010:Q3)
This release and additional tables
of international statistics are
available on efama’s website
Worldwide Investment Fund Assets and Flows
Trends in the third Quarter 2010
Brussels, 27 January 2011. Investment fund assets worldwide stood at €17.36 trillion at end September 2010, slightly below the €17.47 trillion recorded at end June 2010. Net cash flow to all funds increased in the third quarter to €156 billion in inflows, compared to €14 billion in net outflows in the second quarter. Long-term funds experienced positive net cash flow for the sixth consecutive quarter, slightly increasing to €190 billion in the third quarter from €180 billion of inflows in the second quarter of 2010. Flows into bond funds, at €128 billion, accounted for over two-thirds of long-term fund flows in the third quarter. On the other hand, equity funds recorded outflows of €16 billion in the third quarter, the first such outflow since the first quarter of 2009. In contrast to long-term funds, money market funds continued to experience negative net cash flows for the sixthconsecutive quarter, albeit at a slower rate. Money market funds recorded outflows of €34 billion, significantly lower than the outflows €194 billionwitnessed in the second quarter of 2010.
The information presented in this report was compiled by EFAMA and the Investment Company Institute on behalf of the International Investment Funds Association, an organization of national investment fund associations. The collection for the third quarter of 2010 contains statistics from 45countries.
On a U.S. dollar-denominated basis, investment funds assets worldwide increased 10.5 percent in the third quarter of 2010, to $23.70 trillion. The difference with the slight decrease measured on a Euro-denominated basis reflects the strengthening of the euro by 11 percent over the quarter. For example, on a U.S. dollar–denominated basis and taking into account funds of funds, investment fund assets in the United States increased 7.9percent in the third quarter of 2010, compared with a 3.0 percent decrease on a Euro-denominated basis.
On a Euro–denominated basis, equity fund assets increased 2.5 percent to €6.9 trillion in assets at the end of the third quarter of 2010, whilst balanced/mixed fund assets increased 2.2 percent. Money market fund assets dropped 7.9 percent to €3.4 trillion in the third quarter. Over the same period bond fund assets remained stagnant.
On a Euro–denominated basis, equity fund assets increased 2.5 percent to €6.9 trillion in assets at the end of the third quarter of 2010, whilst balanced/mixed fund assets increased 2.2 percent. Money market fund assets dropped 7.9 percent to €3.4 trillion in the third quarter. Over the same period bond fund assets remained stagnant.
Net cash flows into investment funds worldwide were €156 billion in the third quarter of 2010, the highest level of total net inflows seen since the first quarter of 2008, and significantly higher than the outflows of €14 billion recorded in the second quarter of 2010.
Equity funds worldwide experienced net cash outflows in the third quarter of 2010. Outflows from equity funds in the United States recorded €24 billion, lower than the outflows of €6 billion recorded in the second quarter of the year. However, Europe experienced inflows of €4 billion in the third quarter of 2010, notably higher than the outflows of €12 billion recorded in the second quarter.
Bond funds recorded strong inflows in the third quarter reaching €128 billion, up from inflows of €83 billion in the second quarter of 2010. Net flows into bond funds in the United States and Europe increased to €82 billion and €37 billion, respectively, in the third quarter, from €64 billion and €10 billion, respectively, in the previous quarter.
Worldwide net flows into balanced/mixed funds were €28 billion in the third quarter of 2010, down from €35 billion of inflows in the second quarter of 2010. Europe had €13 billion of inflows to balanced/mixed funds in the third quarter, compared to inflows of €21 billion in the previous quarter. Net flows into mixed/balanced funds in the United States dropped to €3 billion in the third quarter from €5 billion in the second quarter.
Money market funds worldwide continued to experience outflows in the third quarter, however, at a drastically reduced rate than previous quarters.Worldwide outflows from money market funds totalled €34 billion in the third quarter, considerably lower than the €194 billion in net outflowsrecorded in the second quarter of 2010. Reduced net outflows were attributable to money market funds in the United States, were net outflows fell to €14 billion in the third quarter from €135 billion in the previous quarter. Outflows from European money market funds were €16 billion in the thirdquarter, still substantially lower compared to the net outflows of €52 billion registered in the second quarter.
At the end of the third quarter of 2010, 40 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was 22 percent and the asset share of balanced/mixed funds was 11 percent. Money market fund assets represented 19 percent of the worldwide total.
The number of investment funds worldwide stood at 68,863 at the end of the third quarter of 2010. By type of fund, 40 percent were equity funds, 23 percent were balanced/mixed funds, 18 percent were bond funds, and 5 percent were money market funds.
Looking at the worldwide distribution of investment fund assets, the United States and Europe held the largest share in the world market, 47.5percent and 30.9 percent, respectively. Brazil, Australia, Japan, Canada and China follow in this ranking. Taking into account non-UCITS assets, the market share of Europe reached 37.5 percent and that of the United States 43.0 percent.1
1
Assets of UCITS and non-UCITS funds in Europe at end Q3 2010 are provided in Table 6 in annex
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