In many ways it was a typical August for the funds industry, with the usual summer malaise prompting a sales slump which saw long-term fund flows end the month marginally in the red, at just under €1bn.
For a second consecutive month, investors were entrenched in holding pattern mode, shifting a sizeable €45bn chunk of risk assets into the safe haven of money market funds, while equity redemptions spiked to €25bn, with the bulk, €21.5bn, coming from cross-border funds, including a hefty €12.9bn from ETFs.
With the US-China trade war rumbling on in the background, the Dow saw its worst drop of the year to date. This side of the pond, the UK’s endless flood of redemptions continued unabated (€4.5bn in August) as no-deal Brexit worries worsened, and sterling received the wooden spoon as the worst-performing developed market currency, trading below US$1.22.
Figures of doom and gloom aside, in this edition we put the spotlight on boutiques, looking in detail at specialist asset managers and their offerings – enjoy the read!