28 Apr 2010
Investment fund assets worldwide increased 4.3 percent to €15.93 trillion at the end of 2009. Net cash flow to all funds was €82 billion in the fourth quarter, marking the fifth consecutive quarter with positive net flows. Net inflows to long-term funds slowed to €222 billion in the fourth quarter of 2009, from €271 billion in the third quarter. Net outflows from money market funds also decelerated, with €139 billion of net outflows, from €198 billion in outflows in the previous quarter. For the year as a whole, net cash flows into all investment funds worldwide were €285 billion, compared with the €236 billion of net inflows experienced in 2008. However, the composition of flows was considerably different. Long-term funds had net inflows of €730 billion in 2009, compared to net outflows of €401 billion in 2008. Money market funds had net outflows of €444 billion in 2009, compared to net inflows of €636 billion in 2008.
On a U.S. dollar-denominated basis, investment funds assets worldwide increased 2.6 percent in the fourth quarter of 2009, to $22.95 trillion. The difference with the increase measured on a Euro-denominated basis reflects the strengthening of the dollar. For example, on a U.S. dollar–denominated basis and taking into account funds of funds, investment fund assets in the United States increased 2.9 percent in the fourth quarter of 2009, compared with a 4.6 percent increase on a Euro-denominated basis.
On a Euro–denominated basis, equity fund assets rose 6.6 percent to €6.2 trillion in assets at the end of the fourth quarter of 2009. Balanced/mixed fund assets increased 7 percent and bond fund assets grew 6 percent in the fourth quarter. Money market fund assets dropped 2.1 percent to €3.7 trillion in the fourth quarter.
Net cash flow into mutual funds worldwide was €82 billion in the fourth quarter of 2009. Net inflows to equity funds worldwide were €42 billion in the fourth quarter of 2009, compared with inflows of €47 billion in the third quarter. Net flows into equity funds in Europe declined to €22 billion, from €26 billion in the previous quarter. Inflows into equity funds in the United States picked up, with €14 billion of inflows in the fourth quarter compared to €8 billion of inflows reported in the third quarter. For the year as a whole, equity funds experienced inflows of €127 billion in 2009 compared to outflows of €262 billion in 2008. European equity funds collected more than half of total worldwide net flows into equity funds (€67 billion), whereas net inflows into U.S. equity funds reached €35 billion.
Worldwide net flows into balanced/mixed funds were €31 billion in the fourth quarter of 2009, down from €46 billion of inflows in the third quarter. Flows into balanced/mixed funds in the United States slowed to €10 billion from €13 billion in the third quarter. Balanced/mixed funds in Europe experienced net inflows of €19 billion in the fourth quarter, the same level as in the third quarter. Overall, net inflows into balanced funds for the year were €86 billion, more than offsetting the €58 billion of outflows experienced in 2008. Flows into European and U.S. balanced/mixed funds accounted for 81% of the total, amounting to €44 billion and €26 billion respectively.
The pace of flows into bond funds worldwide slowed to €121 billion in the fourth quarter of 2009, down from a €153 billion pace in the third quarter. Bond funds in the United States and Europe registered net inflows of €87 billion and €23 billion, respectively, compared to inflows of €99 billion and €34 billion, respectively, in the previous quarter. For the year, bond funds registered €440 billion in inflows compared to €146 billion in outflows in 2008. Flows to U.S. bond funds represented 72% of the total (€315 billion), whereas European bond funds collected €72 billion in 2009.
Net flows out of money market funds worldwide decelerated to €139 billion in the fourth quarter of 2009, from €195 billion of outflows in the third quarter. Outflows from money market funds in the United States fell by almost one-half, with €81 billion of outflows in the fourth quarter, compared to €159 billion of net outflows in the third quarter. Partially offsetting the decline in net outflows in the United States, outflows from European money market funds accelerated to €61 billion, from €9 billion of net outflows in the previous quarter. Money market funds had net outflows of €444 billion in 2009, compared to net inflows of €636 billion in 2008. U.S. money market funds suffered €372 billion of outflows, whereas outflows in Europe remained limited at €43 billion.
At the end of the fourth quarter of 2009, 39 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was 20 percent and the asset share of balanced/mixed funds was 10 percent. Money market fund assets represented 23 percent of the worldwide total.
The number of mutual funds worldwide stood at 65,306 at the end of the second quarter of 2009. By type of fund, 40 percent were equity funds, 22 percent were balanced/mixed funds, 19 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, 48.5 percent and 31.4 percent, respectively. Australia, Brazil, Japan, Canada and China follow in this ranking. Taking into account non-UCITS assets, the market share of Europe reached 37.8 percent and that of the United States 44.0 percent.
On a U.S. dollar-denominated basis, investment funds assets worldwide increased 2.6 percent in the fourth quarter of 2009, to $22.95 trillion. The difference with the increase measured on a Euro-denominated basis reflects the strengthening of the dollar. For example, on a U.S. dollar–denominated basis and taking into account funds of funds, investment fund assets in the United States increased 2.9 percent in the fourth quarter of 2009, compared with a 4.6 percent increase on a Euro-denominated basis.
On a Euro–denominated basis, equity fund assets rose 6.6 percent to €6.2 trillion in assets at the end of the fourth quarter of 2009. Balanced/mixed fund assets increased 7 percent and bond fund assets grew 6 percent in the fourth quarter. Money market fund assets dropped 2.1 percent to €3.7 trillion in the fourth quarter.
Net cash flow into mutual funds worldwide was €82 billion in the fourth quarter of 2009. Net inflows to equity funds worldwide were €42 billion in the fourth quarter of 2009, compared with inflows of €47 billion in the third quarter. Net flows into equity funds in Europe declined to €22 billion, from €26 billion in the previous quarter. Inflows into equity funds in the United States picked up, with €14 billion of inflows in the fourth quarter compared to €8 billion of inflows reported in the third quarter. For the year as a whole, equity funds experienced inflows of €127 billion in 2009 compared to outflows of €262 billion in 2008. European equity funds collected more than half of total worldwide net flows into equity funds (€67 billion), whereas net inflows into U.S. equity funds reached €35 billion.
Worldwide net flows into balanced/mixed funds were €31 billion in the fourth quarter of 2009, down from €46 billion of inflows in the third quarter. Flows into balanced/mixed funds in the United States slowed to €10 billion from €13 billion in the third quarter. Balanced/mixed funds in Europe experienced net inflows of €19 billion in the fourth quarter, the same level as in the third quarter. Overall, net inflows into balanced funds for the year were €86 billion, more than offsetting the €58 billion of outflows experienced in 2008. Flows into European and U.S. balanced/mixed funds accounted for 81% of the total, amounting to €44 billion and €26 billion respectively.
The pace of flows into bond funds worldwide slowed to €121 billion in the fourth quarter of 2009, down from a €153 billion pace in the third quarter. Bond funds in the United States and Europe registered net inflows of €87 billion and €23 billion, respectively, compared to inflows of €99 billion and €34 billion, respectively, in the previous quarter. For the year, bond funds registered €440 billion in inflows compared to €146 billion in outflows in 2008. Flows to U.S. bond funds represented 72% of the total (€315 billion), whereas European bond funds collected €72 billion in 2009.
Net flows out of money market funds worldwide decelerated to €139 billion in the fourth quarter of 2009, from €195 billion of outflows in the third quarter. Outflows from money market funds in the United States fell by almost one-half, with €81 billion of outflows in the fourth quarter, compared to €159 billion of net outflows in the third quarter. Partially offsetting the decline in net outflows in the United States, outflows from European money market funds accelerated to €61 billion, from €9 billion of net outflows in the previous quarter. Money market funds had net outflows of €444 billion in 2009, compared to net inflows of €636 billion in 2008. U.S. money market funds suffered €372 billion of outflows, whereas outflows in Europe remained limited at €43 billion.
At the end of the fourth quarter of 2009, 39 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was 20 percent and the asset share of balanced/mixed funds was 10 percent. Money market fund assets represented 23 percent of the worldwide total.
The number of mutual funds worldwide stood at 65,306 at the end of the second quarter of 2009. By type of fund, 40 percent were equity funds, 22 percent were balanced/mixed funds, 19 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, 48.5 percent and 31.4 percent, respectively. Australia, Brazil, Japan, Canada and China follow in this ranking. Taking into account non-UCITS assets, the market share of Europe reached 37.8 percent and that of the United States 44.0 percent.
