Recent articles by: Mark McFee
  • November 2018Opinions & Features

    Editor’s View

    A month of deeper outflows in September underscored 2018's tough conditions for net fund sales. October looks set to have given sentiment another shake, and we have revised down the full-year sales forecast accordingly. Nevertheless, rotational activity is very much alive and well (see European trends) – opportunities still abound for well-positioned asset managers.
  • November 2018Opinions & Features

    Running out of steam?

    After a placid August (in terms of fund sales – not markets), Europe's asset managers faced a fresh bout of redemptions in September. Though far from being the mirror image of the towering monthly inflows generated in 2017, the €16bn of outflows this month nevertheless formed the second worst showing so far in 2018, and reiterated the enervated state of …
  • October 2018First Sight

    First indications of fund flows in September 2018

    ▪ A difficult start to the autumn. Europe's net fund flows collapse back into redemptions, with around €14bn of money withdrawn from the industry. This gnaws away at year-to-date takings, though the tally still stands firmly in positive territory thanks to the monolithic inflows of January.
  • October 2018First Sight

    Autumn falls

    Après l'été, le déluge... or something to that effect. Summer-holiday-induced nonchalance had left August's net-sales intake as one of the flattest in years despite escalations in the US-China trade war and economic crises in some emerging markets but it wasn't until investors were back at their desks in September that reality began to sink in. This month saw a reversion …
  • October 2018First Sight

    Spinning around

    Putting aside the misfortunes of the two worst-selling groups, fund-investor sentiment was nonetheless cautious in September, even if stock markets were generally flat to mildly positive. The month's outflows counteracted inflows in July and a neutral August to yield a net tally of -€1.7bn for the third quarter as a whole, though the year-to-date score remains robustly positive at just …
  • October 2018First Sight

    Pockets of active opportunity

    September yielded another month of redemptions for the US's active managers, with $22bn withdrawn. But it remains the case that this money is rotating into passive equivalents rather than exiting funds altogether. Traditional index trackers welcomed around $11bn of net inflows, while ETFs attracted $34bn, remaining the dynamo of the US industry. Zooming out to the year to date, the …
  • October 2018Opinions & Features

    Editor’s view

    'There is no alternative' has been a popular mantra of the investment world in recent years, with allocations to products such as funds an important tool in investors' fight against record-low interest rates and yields. But once you've made the leap into investing, alternatives abound. In this latest topical edition of Fund Radar, liquid alternatives step into the spotlight, with …
  • October 2018Opinions & Features

    Investors skittish as temperatures rise

    While concerns over US-China trade relations weighed on markets, it was other factors that had a stronger impact on investor behaviour. Debt-laden Italy was back in the dock following the populist government’s audacious blame-mongering of the Genoa bridge collapse. Cries of moral and fiscal incontinence were also directed at Turkey’s president, as the imposition of US sanctions and the lira’s …