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Research >
In the Flow

working
  • 30 May 2023

In the Flow


Eurazeo (RF:EPA), 0 | Eurazeo SA (RF:PAR), 0 | 3i Group plc (III:LON), 2,019 | Schroders PLC (SDR:LON), 399 | St. James's Place Plc (STJ:LON), 810 | London Stock Exchange Group plc (LSEG:LON), 8,172 | Man Group PLC (EMG:LON), 223 | Deutsche Boerse AG (DB1:ETR), 0 | Intermediate Capital Group plc (ICP:LON), 1,334 | Partners Group Holding AG (PGHN:SWX), 0 | Abrdn plc (ABDN:LON), 155 | Blackstone Group Inc/The (BX:NYSE), 0 | Blackstone Inc. (BX:NYS), 0 | Ashmore Group plc (ASHM:LON), 188 | BlackRock (BLK:NYSE), 0 | BlackRock, Inc. (BLK:NYS), 0 | Hargreaves Lansdown plc (HL:LON), 761 | KKR & Co Inc (KKR:NYSE), 0 | KKR & Co Inc (KKR:NYS), 0 | Jupiter Fund Management plc (JUP:LON), 95.7 | Euronext (ENX:EPA), 0 | Euronext NV (ENX:PAR), 0 | Flow Traders Ltd (FLOW:AMS), 0 | Amundi (AMUN:EPA), 0 | Amundi SA (AMUN:PAR), 0 | Msci (MSCI:NYSE), 0 | MSCI Inc. Class A (MSCI:NYS), 0 | Tikehau Capital SCA (TKO:PAR), 0 | Bridgepoint Group Plc (BPT:LON), 188 | DWS Group GmbH & Co. KGaA (DWS:ETR), 0 | Quilter Plc (QLT:LON), 84.5 | IntegraFin Holdings PLC (IHP:LON), 230 | AJ Bell Plc (AJB:LON), 266 | EQT Ab (EQT:STO), 0 | EQT AB (EQT:OME), 0 | Allfunds Group plc (ALLFG:AMS), 0 | Antin Infrastructure Partners (ANTIN:PAR), 0 | TPG Inc Class A (TPG:NAS), 0

  • BNP Paribas Exane
    • Mason Luke LM | Giblat Arnaud GA | Simpson Gregory GS | Vaysselier Nicolas NV

    • 46 pages


 

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In the Flow


Eurazeo (RF:EPA), 0 | Eurazeo SA (RF:PAR), 0 | 3i Group plc (III:LON), 2,019 | Schroders PLC (SDR:LON), 399 | St. James's Place Plc (STJ:LON), 810 | London Stock Exchange Group plc (LSEG:LON), 8,172 | Man Group PLC (EMG:LON), 223 | Deutsche Boerse AG (DB1:ETR), 0 | Intermediate Capital Group plc (ICP:LON), 1,334 | Partners Group Holding AG (PGHN:SWX), 0 | Abrdn plc (ABDN:LON), 155 | Blackstone Group Inc/The (BX:NYSE), 0 | Blackstone Inc. (BX:NYS), 0 | Ashmore Group plc (ASHM:LON), 188 | BlackRock (BLK:NYSE), 0 | BlackRock, Inc. (BLK:NYS), 0 | Hargreaves Lansdown plc (HL:LON), 761 | KKR & Co Inc (KKR:NYSE), 0 | KKR & Co Inc (KKR:NYS), 0 | Jupiter Fund Management plc (JUP:LON), 95.7 | Euronext (ENX:EPA), 0 | Euronext NV (ENX:PAR), 0 | Flow Traders Ltd (FLOW:AMS), 0 | Amundi (AMUN:EPA), 0 | Amundi SA (AMUN:PAR), 0 | Msci (MSCI:NYSE), 0 | MSCI Inc. Class A (MSCI:NYS), 0 | Tikehau Capital SCA (TKO:PAR), 0 | Bridgepoint Group Plc (BPT:LON), 188 | DWS Group GmbH & Co. KGaA (DWS:ETR), 0 | Quilter Plc (QLT:LON), 84.5 | IntegraFin Holdings PLC (IHP:LON), 230 | AJ Bell Plc (AJB:LON), 266 | EQT Ab (EQT:STO), 0 | EQT AB (EQT:OME), 0 | Allfunds Group plc (ALLFG:AMS), 0 | Antin Infrastructure Partners (ANTIN:PAR), 0 | TPG Inc Class A (TPG:NAS), 0

  • Published: 30 May 2023
  • Author: Mason Luke LM | Giblat Arnaud GA | Simpson Gregory GS | Vaysselier Nicolas NV
  • Pages: 46
  • BNP Paribas Exane


Industry flows - bond funds remain preferred over equities Risk appetite for equity funds remained subdued with last week seeing $4bn net outflows (negative in 8 of the last 9 weeks). Flows worsened sequentially for Asia/EM categories, but improved for US and European equities. Bond funds saw inflows for a 10th straight week (c.$8bn) with broad based inflows across US government, IG and HY funds. Listed asset managers flows - inflows into ETFs, outflows from mutual funds ETFs net inflows continued to improve. Flows have now turned positive at iShares to $7bn net inflows, still below the historic run-rate. Inflows have accelerated for Amundi and DWS ETFs with +EUR1.5bn and +EUR0.9bn resp. However, mutual funds are in outflows across our coverage: -EUR1bn at Amundi, -EUR0.9bn at DWS, ~-GBP0.4bn at Schroders and Man Group (where outflows have accelerated) while abrdn, Jupiter and Ashmore are reporting small outflows. Exchange volumes - Q2 remains slower across most categories Overall QTD volumes in Q1 are down ~10% across European cash equities vs. the same point in time last quarter. Financial derivatives volumes are down ~15% on the same basis. Sequentially lower rate activity is also visible in the OTC channel with interest rate swap client cleared notional at LCH down -26%. The main area of sequentially strength remains EEX, where our proxy of power derivatives volumes is up 7% q/q. Sector newsflow In the newsflow section we discuss the $19bn reassurance deal by KKR''s Global Atlantic, fundraising in private infrastructure and flow figures for UK D2C platforms ii and Vanguard investor in Q1.

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