欧洲投资基金行业市场前景及投资研究报告-培训课件外文版2024.4

INDUSTRIES

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MARKETSInvestmentfundsdomiciledinEuropeCHAPTER

01OverviewShareofassetsundermanagement(AUM)inEuropein2022,bycountryAssetsundermanagementinEurope2022,bycountryRestofEurope14%Denmark2%UnitedKingdom36%Italy5%Netherlands7%Switzerland10%France16%Germany10%3Description:Inthefourthquarterof2022,theUnitedKingdommanaged36percentofthetotalassetsinEurope.ThiswasmorethandoublethenumberofassetsmanagedbyFrance,whichcameinsecondplace,managing16percentofEuropeanassets.

ReadmoreNote(s):EuropeSource(s):EFAMANumberofassetmanagementcompaniesinEuropein2022,bycountryNumberofassetmanagementcompaniesinEurope2022Numberofassetmanagementcompanies02004006008001,0001,200UnitedKingdomFrance1,000702GermanyIreland466372SwitzerlandItalyLuxembourgCyprus326239234207SpainNetherlandsMalta1231109492SwedenPortugal644Description:In2022,Europehadatotalof4,519activeassetmanagementcompanies.ThelargestportionofthesecompanieswasregisteredintheUnitedKingdom,France,andGermany.Assetmanagementcompaniestypicallymanagepooledfunds.Thesefundsaccumulatefromthefirms'collectionofclients.Thismoneyistheninvestedbytheassetmanagementcompanyinvarioussecurities,allowingforportfoliodiversification.Theseactionsaretakenwiththeintentionofcreatingaprofitforthe[...]ReadmoreNote(s):EuropeSource(s):EFAMANetsalesofalternativeinvestmentfundsinEuropein2022,bysecuritytype(inbillioneuros)NetsalesofalternativeinvestmentfundsinEurope202210080766040321720013-5-20-40-25EquityBondsMoneymarketRealestateMulti-assetOtherAIFs5Description:In2022,equityaccountedforthelargestnetoutflowstotaling25billioneuros.OtherAIFsaccountedforthelargestinflowofroughly76billioneuros.Thein/outflowstructureofanAlternativeInvestmentFund(AIF)isadirectconsequenceofhowinvestorschoosetomanagetheirassetsacrosstheirportfolio.TheDutchpensionschemeisamongthelargestinEurope.TherebalancingoftheassetmanagementstructureinDutchpensionfundshasadirectimpactonthesalesofAIFsinthe[...]

ReadmoreNote(s):Europe;2022Source(s):EFAMACHAPTER

02AssetsundermanagementNetassetsundermanagement(AUM)ofinvestmentfundsinEuropein2022,bycountryofdomiciliation(inbillioneuros)NetAUMofinvestmentfundsdomiciledinEurope2022NetAUM

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eurosGermanyFrance25912096175877375734132328219918357UKNetherlandsSwizerlandItalySpainDenmarkAstriaBelgiumPolandTurkey48Portugal297Description:Inthefourthquarterof2022,FranceandGermanyeachaccountedforovertwobillioneurosinassetsundermanagement(AUM)actingasthedomiciledcountry.Investmentfundshaveaspecificdomicile.Thisisthecountryinwhichthecompanythatholdsthefundislegallyregistered.ReadmoreNote(s):Europe;2022Source(s):EFAMAAssetsundermanagementallocationinEuropein2022,byassettypeAssetsundermanagementallocationinEuropein2022Other26.2%Bond34.6%Cash/moneymarketinstruments7.1%Equity32.1%8Description:Attheendof2022,themostpopularinvestmentsecuritywasbonds,accountingfor34.6percentofthetotalassetsundermanagement(AUM)inEurope.Equitieswereinsecondplacewith32.1percentwhilecashsecuritiesaddedtoasmallproportionofthetotalAUMpoolaccountingforaroundsevenpercent.Cashsecuritiesarehighlyliquidproductssuchasmoneymarketfunds.Duetotheirhighliquidity,theseproducttypescanoftenbemorevolatileandaretypicallyusedfor[...]

ReadmoreNote(s):Europe;2022Source(s):EFAMANetassetsoffundsdomiciledinEuropeinQ32023,byfundtype(inmillioneuros)NetassetsoffundsdomiciledinEurope2023,byfundtypeUCITS12509233.8415160430049091329155.1882817AIFs7215847.6966264EuropeLuxembourgIreland850311UnitedKingdomFrance482970.71309808180265.825034.42085630.755041.837283SwitzerlandSweden646805.2502432.1463978.2342245GermanyLiechtensteinSpain312013Italy237299.4188589.9163659.9122235.61994.7BelgiumDenmark97129.49Description:Attheendofthefinancialyearin2023,LuxembourgwashometothehighestlevelofnetassetsinEurope,totalingoverfivetrillioneuros.Irelandfollowedinsecondplace,holdingalmostfourtrillioneurosincombinedassetsfrombothAlternativeInvestmentFunds(AIFs)andUndertakingsforCollectiveInvestmentinTransferableSecuritiesDirective(UCITS).AlmosthalfofallUCITSandAIFsnetassetsinEuropeweredomiciledinLuxembourgandIreland.Bulgaria,Croatia,andSloveniawere[...]

ReadmoreNote(s):EuropeSource(s):EFAMALeadingcountrysharesinUCITSandAIFsnetdomiciledassetsinEuropein2022LeadingcountrysharesinUCITSandAIFsnetdomiciledassetsinEurope2022Other21%Luxembourg26%Ireland19%UK9%France11%Germany14%10Description:Inthefourthquarterof2022,Luxembourgmanagedover26percentofthetotalassetsundermanagement(AUM)ofdomiciledfundsinEurope,withIrelandrankedsecond,managingroughly19percentofassets.UCITSisanaberrationof"UndertakingsforCollectiveInvestmentinTransferableSecurities".Theseareatypeofinvestmentfundthattypicallyinvestsintransferableliquidsecuritiessuchasshares,bonds,ormoneymarketfunds.UCITScanbedistributedpubliclytoretail[...]

ReadmoreNote(s):Europe;2022Source(s):EFAMAAssetsundermanagement(AUM)ofinvestmentfundsinEuropein2022,bycountryofmanagement(inbillioneuros)AUMofinvestmentfundsmanagedinEurope2022,bycountryAssets

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eurosUK449328902252167977348834131420917757FranceGermanySwitzerlandNetherlandsItalySpainDenmarkBelgiumAustriaPolandTurkey32Portugal2411Description:Asof2022,theUnitedKingdommanagedroughly4.5trillioneurosworthoffundassets.FranceandGermanyfollowed,withFrancemanagingnearlythreetrillioneurosworthofassets.Thelevelofassetsundermanagement(AUM)ineachofthesetopthreecountriescorrelatedwiththeꢀnumberofassetmanagementcompaniesthatarelocatedinEuropebycountry.AstheUK,France,andGermanyarehometothehighestlevelofassetmanagementfirmsinEurope,managingthemajority[...]

ReadmoreNote(s):Europe;2022Source(s):EFAMACHAPTER

03FundmetricsNetassetsgrowthrateofnationallydomiciledUndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)inEuropein2022,bycountryNetassetsgrowthrateofnationallydomiciledUCITSinEurope2022,bycountryUCITSgrowthrate-20%Turkey0%20%40%60%80%100%NetherlandsCzechGreeceSwitzerlandLiechtensteinSpainBulgariaCyprusSloveniaIrelandSlovakiaItaly13Description:In2022,manyUndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)fundsdomiciledinEuropeancountriesexperiencednegativegrowthinthelevelofnetassetsundermanagement(AUM).SimilarlytoitsperformanceforꢀnetAUMgrowthrateofAlternativeInvestmentFunds(AIFs),TürkiyereachedthehighestlevelofnetAUMgrowthamongUCITS-domiciledfunds;Netherlandsfollowedinsecondplace,achievingroughlya48percentgrowthrate.ReadmoreNote(s):Europe;2022Source(s):EFAMANetassetgrowthrateofnationallydomiciledAlternativeInvestmentFunds(AIFs)inEuropein2022,bycountryNetassetgrowthrateofnationallydomiciledAIFsinEurope2022,bycountryAIFsgrowthrate0%10%20%30%40%50%60%70%80%90%BulgariaSlovenia80.3%50.3%Türkiye41.5%CzechRepublicGreeceItalyHungaryLiechtensteinPortugal18.2%14.9%12.4%11.2%9.7%8.3%SlovakiaRomaniaCroatia4.1%2.1%1.9%1.7%Luxembourg14Description:In2022,thenetassetsundermanagement(AUM)ofalotofnationallydomiciledEuropeanfundsexperiencednegativegrowth.Bulgaria,Slovenia,andTurkeyexperiencedthehighestgrowthamongallEuropeancountries.Apositivegrowthrateinnetassetsiswellreceivedbyfundmanagersandinvestors.However,itdoesnotnecessarilyreflectthefundsize.WhileBulgariaexperiencedthehighestgrowthrateofroughly80percent,AUMoffundsinBulgariaisamongthelowestinEurope.[...]

ReadmoreNote(s):Europe;2022Source(s):EFAMANetsalesofUCITSfundassetsdomiciledinEuropefromQ32019toQ32023,bysecuritytype(inmillioneuros)NetsalesofUCITSfundassetsdomiciledinEurope2019-2023NetsalesinmillioneurosTotalOtherARISGuaranteed0Moneymarket50,000Multi-assetBondEquity-150,000-100,000-50,000100,000150,000200,0002019202020212022202315Description:Fromthethirdquarterof2019tothethirdquarterof2023,UndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)fundsprimarilyexperiencedinflows,withapeakbeingreachedin2021atacombinednetfundinflowof179.17billioneuros.SimilarlytothenetsalesofAlternativeInvestmentFunds(AIFs)inthethirdquarterof2023,UCITSfundsexperiencedanetinflow.FollowingtheaccumulationofassetsfromUCITSinvestmentsecurities,theinflowtotaled29.24billion[...]ReadmoreNote(s):Europe;Q32019,Q32020,Q32021,Q32022,andQ32023Source(s):EFAMANetsalesofAIFsdomiciledinEuropefromQ32019toQ32023,bysecuritytype(inmillioneuros)NetsalesofAIFsassetsdomiciledinEurope2019-2023NetsalesinmillioneurosGuaranteed

Moneymarket10,000

20,000TotalOtherRealestate-10,000ARISMulti-asset30,000BondEquity40,000-40,000-30,000-20,000050,00060,0002019202020212022202316Description:Fromthethirdquarterof2019tothethirdquarterof2023,AlternativeInvestmentFunds(AIFs)primarilyexperiencedfundinflowswithapeakbeingreachedin2020atacombinednetfundinflowof50.57billioneuros.SimilarlytothefundflowofUndertakingsforCollectiveInvestmentinTransferableSecuritiesDirective(UCITS)inEurope,AIFsexperiencedanetfundinflow.Followingtheaccumulationoffundsfromthemajorityofsecuritiesin2023,AIFstotaledanetinflowof6.4billioneuros.ReadmoreNote(s):Europe;Q32019,Q32020,Q32021,Q32022,andQ32023Source(s):EFAMANetsalesoffundsdomiciledinEuropeinQ32023,bysecuritytype(inmillioneuros)NetsalesoffundtypesdomiciledinEuropeQ32023UCITS459995241.44918.53551AIFs4010IrelandTurkey241.4-247.7-4436-115SwitzerlandFranceSpain3023DenmarkNorwaySwedenGermanyFinland1871.81711.81468.71304.2945.4-4444.3411.6-40913932.4-106Italy928.3-55.6CzechRepublicGreece796.95.6717.917Description:Inthethirdquarter2023,thetotalcombinednetfundflowofAlternativeInvestmentFunds(AIFs)andUndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)inEuropeamountedtoapproximately35.6billioneuros.ThemajorityofnetinflowscamefromUCITS,whichaccountedforroughly29.2billioneurosinthatquarter.ReadmoreNote(s):Europe;Q32023Source(s):EFAMACHAPTER

04Country-specificfundmetricsNetsalesoffundsdomiciledinLuxembourgfromQ32019toQ32023,bysecuritytype(inmillioneuros)NetsalesoffundtypesdomiciledinLuxembourg2019-2023UCITS72,267AIFs80,00060,00040,00020,000051,10443,24316,0897,4847,994929762-20,000-40,000-60,000-80,000-100,000-34,813-74,2102019202020212022202319Description:Fromthethirdquarterof2019tothethirdquarterof2023,UndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)domiciledinLuxembourggeneratedaninflowofroughly57.6billioneuros.AlternativeInvestmentFunds(AIFs)generatedaninflowofaround33.2billioneurosinthisperiodbringingthecombinedtotalfundflowto90.8billioneuros.ReadmoreNote(s):Luxembourg;Q32019toQ32023Source(s):EFAMANetsalesoffundsdomiciledinFrancefromQ32019toQ32023,bysecuritytype(inmillioneuros)NetsalesoffundtypesdomiciledinFrance2019-2023UCITSAIFs50,00040,30040,00030,00020,0009,10010,00006,9004,0003,5511,200448-4,436-10,000-20,000-13,400-16,6942019202020212022202320Description:Fromthethirdquarterof2019tothethirdquarterof2023,UndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)domiciledinFrancegeneratedanetinflowofroughly38billioneuros.AnoutflowofroughlysevenbillioneuroswasgeneratedthroughAlternativeInvestmentFunds(AIFs)from2019to2023.Thisbroughtthenettotaltoapproximately31billioneuros.ReadmoreNote(s):France;Q32019toQ32023Source(s):EFAMANetflowofdomiciledfundsintheUnitedKingdomfromJanuary2023toDecember2023(inmillionGBP)NetflowofdomiciledfundsintheUK2023AllocationAlternativesEquityFixedincomePropertyOtherMoneymarket6,0004,0002,0000-2,000-4,000-6,000-8,000Jan2023Feb2023Mar2023Apr2023May2023Jun2023Jul2023Aug2023Sep2023Oct2023Nov2023Dec202321Description:InDecember2023,domiciledfundsintheUnitedKingdomexperiencedoutflowsofover1.9billionBritishpounds.Someofthelargestwithdrawalshavecomefromequitysecurities.FromJanuary2023toDecember2023,UK-domiciledfundssawanoutflowtotaling17.3billionBritishpoundsfromequitysecuritiesalone.ReadmoreNote(s):Europe;January2023toDecember2023Source(s):MorningstarNetsalesoffundsdomiciledinGermanyfromQ32019toQ32023,bysecuritytype(inmillioneuros)NetsalesoffundtypesdomiciledinGermany2019-2023UCITSAIFs30,00023,710.325,00020,00015,00010,0005,000022,757.317,649.713,932.49,070.42,126.71,817.11,304.2397-5,000-10,000-4,5332019202020212022202322Description:Inthethirdquarterof2023,UndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)domiciledinGermanygeneratednetsalesof1.3billioneuros.Salesofalmost14billioneurosweregeneratedthroughAlternativeInvestmentFunds(AIFs)in2023.Thisbroughtthenettotaltoapproximately15.2billioneuros.ReadmoreNote(s):Germany;Q32019toQ32023Source(s):EFAMANetsalesoffundsdomiciledinIrelandfromQ32019toQ32023,bysecuritytype(inmillioneuros)NetsalesoffundtypesdomiciledinIreland2019-2023UCITSAIFs120,000100,858100,00080,00060,00046,75945,99936,86540,00020,000013,54011,1394,3454,010-917-20,000-14,0552019202020212022202323Description:Fromthethirdquarterof2019tothethirdquarterof2023,UndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)domiciledinIrelandgeneratedaninflowofroughly216.4billioneuros.AlternativeInvestmentFunds(AIFs)generatedaninflowof32.1billioneurosinthisperiodbringingthecombinedtotalfundflowto248.5billioneuros.ReadmoreNote(s):Ireland;Q32019toQ32023Source(s):EFAMAAssetallocationbreakdownoffundsdomiciledinIrelandin2022,bysecuritytypeAssetallocationbreakdownoffundsdomiciledinIreland2022Proportionoffund15%0%5%10%20%25%30%35%EquityAlternativesBond32%23%20%MoneymarketBalanced19%5%Other1%24Description:Asofthefourthquarterof2022,equityinvestmentsaccountedforthemajorityofassetsmanagedbyfundsdomiciledinIreland.Alternativesfollowedinsecondplace,accountingfor23percentofIrish-domiciledfunds.TheassetallocationoffundsdomiciledinIrelandfollowsasimilartrendtooverallfundallocationinEurope.ReadmoreNote(s):Ireland;December2022Source(s):CentralBankofIreland;IrishFundsIndustryAssociationNetassetsundermanagement(AUM)oftheUCITSindustryinBelgium,LuxembourgandtheNetherlands(Benelux)from4thquarter2015to3rdquarter2023(inmillioneuros)NetAUMofUCITSinvestmentfundsinBelgium,LuxembourgandNetherlands2015-2023Belgium7149171654722167653176235732347496881124874309041093552120462126733Luxembourg2955916296277828203702946860284741829064983051016311610432577733288338338094334864453473243NetherlandsQ12015Q22015Q32015Q42015Q12016Q22016Q32016Q42016Q12017Q22017Q32017Q42017Q120183408238564378193814837642365733555937308371533497825Description:Thequarterlynetassetsundermanagement(AUM)oftheUCITSindustryintheBeneluxregion(Belgium,Luxembourg,andtheNetherlands)generallyincreased,albeitwithsomefluctuation,fromthefirstquarterof2015tothethirdquarterof2023.UCITSandAIFaretermsthatcoverinvestmentfundsasfinancialassets.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedby[...]

ReadmoreNote(s):Belgium,Luxembourg,Netherlands;Q12015toQ32023Source(s):EFAMATotalnumberofUCITSandAlternativeInvestmentFunds(AIFs)intheNetherlandsfrom1stquarter2015to3rdquarter2023TotalUCITSandAIFinvestmentfundsintheNetherlands2015-2023UCITSAIF2,0001,8001,6001,4001,2001,000800,73

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Q3201520162016201620162017201720172017201820182018201820192019201920192020202020202020202120212021202120222022202220222023202326Description:ThequarterlynumberofinvestmentfundsintheNetherlands,bothUCITSorAIF,slightlydecreasedfromthefourthquarterof2015tothethirdquarterof2023.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedbytheEuropeanUnion.AIFstandsforAlternativeInvestmentFundsandincludeall[...]ReadmoreNote(s):Netherlands;Q42015toQ32023Source(s):EFAMATotalnumberofUCITSandAlternativeInvestmentFunds(AIFs)inBelgiumfrom2ndquarter2015to3rdquarter2023TotalinvestmentfundsinBelgium2015-2023,bytypeUCITSAIF1,6001,4001,2001,000800806

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599589611200027Description:ThenumberofUCITSinvestmentfundsinBelgiumincreasedoverallbetweenthesecondquarterof2015andthethirdquarterof2023.Ontheotherhand,thenumberofAlternativeInvestmentfundssteadilydecreasedinBelgiumduringthesameperiod.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeand[...]

ReadmoreNote(s):Belgium;Q22015toQ32023Source(s):EFAMACHAPTER

05CountryofdomicileCorporatetaxratesinEuropein2023,bycountryCorporatetaxratesinEurope2023Corporatetaxrate0%5%10%15%20%25%30%35%40%MaltaGermanyNetherlandsBelgium35%30%25.8%25%FranceSpain25%25%Turkey25%UnitedKingdomLuxembourgItaly25%24.94%24%Austria23%DenmarkNorway22%22%29Description:Asof2023,MaltahadthehighestcorporatetaxrateinEuropewithaceilingof35percent.Germanyfollowedinsecondplacewithamaximumtaxrateof30percent.Hungary,Montenegro,andtheIsleofManholdsomeofthelowestcorporatetaxratesinEurope.Thismaychangein2024,however,asmembersoftheOrganizationforEconomicCo-operationandDevelopment(OECD)haveagreedtosetaglobalminimumcorporatetaxrateof15percent.

ReadmoreNote(s):Europe;December2023Source(s):TradingEconomicsCorruptionperceptionindexscoreofcountriesinEuropefrom2021to2023CorruptionperceptionindexscoreofEuropeancountries2021-2023202120222023100908070605040302010030Description:TransparencyInternational'sCorruptionPerceptionIndex(CPI)ranks180countriesaroundtheglobeyearlyintermsoftheirperceivedlevelsofpublicsectorcorruption.Theindexisrankedfrom0to100,with100indicatingacountrywhereinstancesofcorruptionareveryrareandnotatallsystemic,while0wouldindicateathoroughlycorruptpublicsector.TheCPIisacompositeindexof13separatesurveysofcorruptionundertakenbyreputableinstitutionsaroundtheworld,andis[...]

ReadmoreNote(s):Europe;2021to2023Source(s):TransparencyInternationalMarketshareofnationallydomiciledAlternativeInvestmentFunds(AIFs)inEuropein2022,bycountryMarketshareofnationallydomiciledAIFsinEurope2022,bycountryMarket

share30%GermanyFrance17.7%13.3%11.7%9.8%LuxembourgIrelandNetherlandsUnitedKingdomSwitzerlandDenmarkItaly6.8%2.4%1.8%1.6%Austria1.5%LiechtensteinPoland0.5%0.5%Spain0.5%31Description:In2022,Germanyheld30percentoftheAlternativeInvestmentFunds(AIF)market.Francecameinsecondplacecontrollingapproximately18percentofthemarket.ThelevelofnetassetsmanagedinEuropethroughAIFdomiciledinEuropeamountedtooverseventrillioneuros.ReadmoreNote(s):Europe;2022Source(s):EFAMAMarketshareofnationallydomiciledUndertakingsforCollectiveInvestmentinTransferableSecurities(UCITS)inEuropein2022,bycountryMarketshareofnationallydomiciledUCITSinEurope2022,bycountryMarket

share34.1%23.5%19%LuxembourgIrelandItalyUnitedKingdomFrance10.7%7%SwitzerlandSweden4.9%3.9%GermanySpain3.8%2.4%BelgiumDenmarkNorway1.5%1.3%1.3%Finland1%32Description:In2022,Luxembour