Recent articles by: Mark McFee
  • February 2019Opinions & Features

    Editor’s View

    If one thing is certain about 2018, it's that it won't go down in the history books as a vintage year for Europe's fund industry. It made a splash to begin with – January capped 2017's record sales with the best ever monthly net inflows – but by the summer redemptions had set in, and the final four months saw …
  • February 2019Opinions & Features

    From the sublime to the ridiculous

    Why must all good things come to an end? After an unprecedentedly exuberant 2017, investors appeared to take a reality check in 2018 – and didn't like what they saw. The result was a withering of net sales volumes, from a record high in January through months of relative lethargy before slumping into pronounced redemptions during the last four months …
  • January 2019Opinions & Features

    Editor’s View

    A year has passed since Mifid 2 came into effect... more or less. The majority of key European fund markets have implemented the legislation (with Spain in the process of doing so) but its consequences are still becoming apparent and will reshape fund distribution for years to come.
  • January 2019Opinions & Features

    Hunkering down till the New Year

    The background market music may have been a bit more melodic in November but most of the positive news was coming from outside the EU and although the flight from risk eased off in Europe, investors were reluctant to search for buying opportunities. The pace of withdrawals from long-term funds slowed to €32bn, but this further damaged the cumulative position …
  • December 2018First Sight

    First indications of fund flows in November 2018

    ▪ Outflows continue, but improve on October's dismal results. November's €22bn of net redemptions are nevertheless one of the worst monthly tallies of the past few years, and industry AUM is almost back to where it was a year ago.
  • December 2018First Sight

    Winter cold sets in

    With the nights drawing in and temperatures falling, there were few signs to suggest a thawing of frosty sentiment towards funds in November. On the plus side, sales flows displayed an improvement on October's sharp withdrawals, but the nearly €22bn of net redemptions still counted as a remarkably weak month in the context of the past two years.
  • December 2018First Sight

    Key fund risk

    November had its fair share of ups and downs but, on the whole, the positives outweighed the negatives, at least in terms of market performance. Bourses greeted a (temporary) improvement in the US-China trade dialogue positively, and the same was true of the US mid-term election results. By the middle of the month, indices were sliding once more as concerns …
  • December 2018First Sight

    Business as usual

    After the October slowdown when even ETF sales looked rather flat, US fund flows returned to the pattern that has defined them in recent years: a rotation from active into passive funds, and particularly from traditional funds into ETFs. In November, the switch was almost like for like, with nearly $50bn captured by ETFs and over $50bn siphoned out of …