Recent articles by: Mark McFee
  • July 2019First Sight

    First indications of fund flows in June 2019

    ▪ All change. Much shifting of power and hence political influence likely to affect upcoming fund demand with changes at the EU and ECB, a new UK PM and elections looming in Austria and possibly Spain too.
  • July 2019First Sight

    Back on track?

    After tortuous beginnings earlier in 2019, headline European fund sales finally appeared on good form in June, asset managers pulling in a combined €31bn of net new subscriptions. The fixed income sphere continued to impress, its €34bn of inflows setting a new record in Morningstar data. But more decisive in lifting the monthly sales tally was the resumption of new …
  • July 2019First Sight

    The soothing cooing of the doves

    Prices of some goods like fuel are often said to go up like a rocket, but down like a feather. The opposite appears true of interest rates in much of the developed world. 2018 ended with fears of monetary tightening weighing on investor sentiment; six months on and it is clear that the Fed and the ECB have had a …
  • July 2019First Sight

    As you were

    After an apparent hiccup in May, June saw a resumption of the usual pattern of US sales flows: strong ETF purchases, and outflows from actively managed funds (like ETFs, traditional tracker funds were also in the black this month). All in all, the market welcomed $46bn of net new money, consisting of $62bn for ETFs, $8bn for index trackers, and …
  • July 2019First Sight

    First indications of fund flows in May 2019

    ▪ More of the same in May. Europe's net flows remain tepid, reducing to €1.6bn in Morningstar data, but relative appetite for the various asset classes remains unchanged.
  • July 2019First Sight

    Stuck on a one-way street

    There was no change in the direction of travel for European fund flows in May, but they did slow down for another bump in the road. Net sales of long-term funds came to just €1.6bn. With demand for fixed income and mixed assets remaining broadly in step with the previous month's, the key differentiator was the equity asset class, where …
  • July 2019First Sight

    Oh no they won’t… Oh yes they will…

    US-China trade-war negotiations took another turn for the worse in May, just a month after some sort of entente seemed within grasping distance. Combative comments from President Trump were met with new retaliatory Chinese tariffs on US goods, the potential ripple effects for other economies leaving global stock markets severely roiled. The MSCI World shed 6% of its value over …
  • June 2019Opinions & Features

    Editor’s View

    While April did see fund flows shift back into positive territory after March's slip into the red, it was only to the tune of a modest €5bn. Europe's funds industry as a whole seems determined not to be buoyed by widespread positive market sentiment and some good growth figures – although Larry Fink, CEO of BlackRock, did pick up on …