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.