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19 Jun 2023
In the Flow
Eurazeo (RF:EPA), 0 | Eurazeo SE (RF:PAR), 0 | 3i Group plc (III:LON), 0 | Schroders PLC (SDR:LON), 358 | St. James's Place Plc (STJ:LON), 443 | London Stock Exchange Group plc (LSEG:LON), 8,796 | Man Group PLC (EMG:LON), 254 | Deutsche Boerse AG (DB1:ETR), 0 | Intermediate Capital Group plc (ICG:LON), 0 | Partners Group Holding AG (PGHN:SWX), 0 | Abrdn plc (ABDN:LON), 147 | Blackstone Group Inc/The (BX:NYSE), 0 | Blackstone Inc. (BX:NYS), 0 | Ashmore Group plc (ASHM:LON), 190 | BlackRock (BLK:NYSE), 0 | BlackRock, Inc. (BLK:NYS), 0 | Hargreaves Lansdown plc (HL:LON), 785 | KKR & Co Inc (KKR:NYSE), 0 | KKR & Co Inc (KKR:NYS), 0 | Jupiter Fund Management plc (JUP:LON), 78.8 | 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), 230 | DWS Group GmbH & Co. KGaA (DWS:ETR), 0 | Quilter Plc (QLT:LON), 110 | IntegraFin Holdings PLC (IHP:LON), 306 | AJ Bell Plc (AJB:LON), 321 | EQT Ab (EQT:STO), 0 | EQT AB (EQT:OME), 0 | Allfunds Group plc (ALLFG:AMS), 0 | Antin Infrastructure Partners (ANTIN:PAR), 0 | Petershill Partners PLC (PHLL:LON), 208 | TPG Inc Class A (TPG:NAS), 0
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In the Flow
Eurazeo (RF:EPA), 0 | Eurazeo SE (RF:PAR), 0 | 3i Group plc (III:LON), 0 | Schroders PLC (SDR:LON), 358 | St. James's Place Plc (STJ:LON), 443 | London Stock Exchange Group plc (LSEG:LON), 8,796 | Man Group PLC (EMG:LON), 254 | Deutsche Boerse AG (DB1:ETR), 0 | Intermediate Capital Group plc (ICG:LON), 0 | Partners Group Holding AG (PGHN:SWX), 0 | Abrdn plc (ABDN:LON), 147 | Blackstone Group Inc/The (BX:NYSE), 0 | Blackstone Inc. (BX:NYS), 0 | Ashmore Group plc (ASHM:LON), 190 | BlackRock (BLK:NYSE), 0 | BlackRock, Inc. (BLK:NYS), 0 | Hargreaves Lansdown plc (HL:LON), 785 | KKR & Co Inc (KKR:NYSE), 0 | KKR & Co Inc (KKR:NYS), 0 | Jupiter Fund Management plc (JUP:LON), 78.8 | 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), 230 | DWS Group GmbH & Co. KGaA (DWS:ETR), 0 | Quilter Plc (QLT:LON), 110 | IntegraFin Holdings PLC (IHP:LON), 306 | AJ Bell Plc (AJB:LON), 321 | EQT Ab (EQT:STO), 0 | EQT AB (EQT:OME), 0 | Allfunds Group plc (ALLFG:AMS), 0 | Antin Infrastructure Partners (ANTIN:PAR), 0 | Petershill Partners PLC (PHLL:LON), 208 | TPG Inc Class A (TPG:NAS), 0
- Published:
19 Jun 2023 -
Author:
Mason Luke LM | Giblat Arnaud GA | Simpson Gregory GS | Vaysselier Nicolas NV -
Pages:
51
Industry flows - risk-on fund flows: turning positive in equities and negative in cash
Equity fund flows snapped back positive last week, breaking an 11-week outflow streak. This was driven by very strong inflows into ETFs at +$29bn (best week since Feb. 2021). Overall, flows were concentrated into US, Global, Japan, EM and tech sector funds with Europe lagging behind (-$1bn outflows). Bond flows remained positive at +$7bn (13 straight weeks) with inflows into most categories including small EM debt inflows for the first time since February. In contrast money market funds saw -$35bn outflows, so overall much more of a ''risk on'' week for fund flows.
Listed asset managers flows - inflows into ETFs, outflows from mutual funds
The strong ETFs industry net inflows are visible at BlackRock (+$22.4bn MTD in June - 8% annualised rate), Amundi (+EUR0.6bn) and DWS (+EUR0.8bn). Flows are broadly neutral across mutual funds although we note signs of small inflows at abrdn (+GBP0.2bn) that are driven by bond funds.
Exchange volumes - strong EEX activity, softer elsewhere with VIX index at multi-year lows
Overall exchange volumes remain sequentially softer. Q2 QTD European cash equity volumes are -11% q/q while equity index and interest rate derivative volumes at Eurex are -17% q/q (which is similar to our current modelled expectation). Interest swap clearing client volumes at LCH are -26% q/q, while FX volumes are more resilient at -0-5% q/q. Recent energy price volatility in Europe has supported strong recent EEX activity levels: our proxy of power derivatives is up 16% q/q.
Sector newsflow - signs of life in PE deal activity, DB1 KPIs, ESG rating regulation
In the newsflow section we discuss evidence of a pick-up in deal activity in private equity and infra. with actual deal announcements and positive comments from managements. We also highlight the main takeaways from Coller Capital''s summer 2023 survey of LP behaviour and Tikehau potentially looking to...