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25 Sep 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:
25 Sep 2023 -
Author:
Mason Luke LM | Giblat Arnaud GA | Simpson Gregory GS | Vaysselier Nicolas NV -
Pages:
46
Industry flows - bond flows hit a 6 week high
Equity funds saw -$9bn outflows, largely reversing the prior week''s inflows and continuing a trend of no clear appetite for the asset class. Redemptions were largest in US equities in the week and European equity funds have now seen 9 straight weeks of outflows. Global and Japan are relative bright spots. Bond flows were better at +$2bn, a 6-week high and positive in government and IG funds. Flows were small negative in multi-asset funds -$2bn and flat for money market funds.
Listed asset manager flows - flows in mutual funds continue to weaken, good AHL recovery
ETF flows remain positive but the pace of asset gathering has slowed at iShares (+$8bn, 3% annualised net flow rate) and Amundi (+EUR0.7bn, 4% net flow rate). However, DWS stands out with EUR2bn in net inflows representing a 12% net flow rate. However, mutual fund flows are weakening sequentially: Amundi now had EUR1.6bn of outflows on our tracker, abrdn -GBP0.8bn, Schroders -GBP0.5bn, DWS -EUR0.5bn. We note important outflows at Jupiter, -GBP0.4bn bringing the quarterly total to -GBP1bn. Ashmore and Man Group are only seeing small outflows. We also note AHL has had good performance in September for Man with Alpha, Dimension and Evolution all up 3% YTD now.
Exchanges volumes - September volumes down vs. last year
Volumes have picked-up in recent weeks with the quarterly rollover of many derivatives contracts. However, September remains a rather weak month with European cash equity volumes down 7% y/y. We note strong equities volumes at Borsa Italiana (+30% y/y, also helped by positive market share trends) and Euronext thus post only an overall decline of 2% y/y. Eurex derivatives volumes are down -21% y/y on indices while rates are down 5%. LCH client trading volumes are up 56% y/y. Our proxy for EEX power derivatives also shows a +112% y/y increase in volumes.
Sector newsflow - HL key debates, more alternatives wealth newsflow, Action trading...