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24 Jul 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:
24 Jul 2023 -
Author:
Mason Luke LM | Giblat Arnaud GA | Simpson Gregory GS | Vaysselier Nicolas NV -
Pages:
63
Industry flows - prolonged equity mutual fund outflows, US high yield flows at a 13W high
There were small equity outflows last week, though with a continued ETF inflow/mutual fund outflow split: the latter has now seen 24 straight weeks of redemptions. Tech, Financials and Japan were the main inflowing categories in the week. Bond funds took in $5.5bn, continuing a mid-single digit net inflow pace for the asset class with notably strong inflows into US high yield funds ($2bn).
Listed asset manager flows - inflows into passives but still not in mutual funds
ETFs are reporting strong inflows so far in July with iShares gathering $19.7bn in net new money MTD (7% annualised rate) with another +$6bn last week. DWS gathered another EUR0.5bn in ETFs new money to EUR1.5bn MTD and Amundi remains at +EUR0.9bn. There are no signs of improvements for mutual funds flows. Outflows are the highest at abrdn (-GBP0.6bn) and Amundi (-EUR0.5bn) and we are seeing outflows of GBP0.1 to GBP0.2bn at Ashmore, Jupiter, Schroders, DWS and Man Group.
Exchanges: subdued volumes to start Q3
Q3/July stared on low volumes. European cash equities volumes are 18% lower y/y and down 14% vs. an already weak Q2-23. ETF volumes are down in similar fashion. We are seeing a slowdown in derivatives too with Eurex indices volumes down 10% y/y (-18% vs. Q2) as volatility is on multi-year lows. The fixed income space offers more resilience, Eurex rates volumes are only down 3% y/y and client activity at LCH remains robust. EEX power trading is the bright spot, derivatives volumes are up 37% y/y, although we highlight that July 2022 was particularly weak due to the disruptions to power markets.
Sector newsflow and estimate changes
We review our results publications of the past week and preview the week ahead with 13 companies reporting in our sector, including some estimate changes ahead of reporting (FLOW/AJB/IHP/STJ). In the newsflow section we discuss the readacross from the US banks Q2...