2018 was a year to forget and 2019 is shaping up in a similar way. Overall, flows are keeping their head above water, but bonds are doing all the work, with a little help from property and in-house funds of funds (see profile of one of the leaders below). When flows are low, launches stand out and have an outsized impact. Year to date flows excluding money market are at €41.4bn, while launches have gathered €105bn. Launches can also generate flows where headlines would suggest no such opportunity exists. Overall equity flows have been a negative €63bn but equity launches have gathered €32bn, and while active funds are negative to the tune of €22bn, active launches have gathered €89bn. Launches remain a key lifeline for the industry and so far this year over 1,000 new funds have come to market.