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11 Dec 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 | 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 | 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 | 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 | TPG Inc Class A (TPG:NAS), 0
- Published:
11 Dec 2023 -
Author:
Mason Luke LM | Giblat Arnaud GA | Simpson Gregory GS | Vaysselier Nicolas NV -
Pages:
57
Industry flows - rare inflows into European equity funds, continued appetite for US HY
Total equity flows lack a clear trend, being broadly flat both last week and over the last 4 weeks. Appetite for US large cap equities through ETFs remains strong, while flows into other regions remain mixed, although we note that European equity funds did see their first week of inflows in some 28 weeks. Bond flows were small positive in the week, with significant US HY appetite (~30% pace over last week and month) the most standout trend here.
Listed asset manager flows - worsening mutual fund flows
Activity around fund flows has been limited to start the month. Net inflows at DWS and Amundi were outliers and came strong over the last week with ~+EUR1bn for each. iShares gathered $1.75bn in net new money. In mutual funds flows came in flat or slightly negative across the board. The largest outflows were at Schroders at -GBP0.2bn.
Exchanges volumes - Fixed income strength continues
Despite some rebound in activity over the first few days of December cash equities volumes remain broadly in-line with the trends seen since September. Volumes so far in December are 2% higher y/y in Europe. Fixed income remains the most buoyant area. Eurex rates derivatives volumes are up 46% y/y so far in Q4 and client clearing activity at LCH is up 71%. EEX power derivatives volumes are also strong, +156% y/y so far in Q4 on our proxy.
Sector newsflow - strong Tradeweb and EEX trends, KKR Climate fund, advice gap closing
In the newsflow section we highlight volume releases from DB1''s EEX, Tradeweb and Euronext. We highlight Anima''s flow trends in Italy, KKR targeting $7bn for their first Climate fund and the FCA''s proposals to close the financial advice gap in the UK.