Equity assets a drag on Swedish market in 2011 – Lipper

Figures published in Lipper’s annual report into European fund trends show that Sweden slipped from 5th to 28th place according to the ranking of markets with the biggest asset growth.

Bond funds and multi-manager were among the few areas to experience asset growth through 2011, but this was not enough to make up ground lost elsewhere. In particular, equity funds in the Swedish market saw an outflow of over €17bn, the data suggests, even though equity remained the biggest sector by assets still under management as of December.

Instead, investors sought the relative safety of domestic bonds. Lipper’s data on sales broken down by asset type clearly illustrates this trend. What Swedish investors did not want was domestic and foreign equity funds. This is no surprise as it mirrors data from other sources such as the Swedish Investment Fund Association (Fondbolagens förening).

Assets as at Dec 2011 €bn                
Fund market Bond Equity Mixed  MM    MM ENH Property  Other  Total
Sweden  24.8  75.4  13.0  11.4   0.0  0.0  20.3 145.0
                 
Asset growth in 2011 €bn                
Sweden  4.2  -17.3  -0.7  2.7  0.0  0.0 1.9 -9.2

 

Lipper’s report suggests that the continued growth in cross-border sales of funds through 2011 was concentrated in the hands of a relatively small number of providers.

Data from Sweden shows this in action. As the fourth biggest fund market by net sales in Europe last year it was unable to put any of its domestic firms onto the list of biggest providers ranked either by assets under management or sales.

One place where Nordic providers are visible is in so-called responsible investments. Norway’s Storebrand and Denmark’s Danske bank are among the top ten houses here as measured by assets. In terms of sales through 2011, Lipper ranks Norway’s Storebrand and KLP and Sweden’s SEB among the top 10.

To read the full report across all Euopean markets click here: http://share.thomsonreuters.com/PR/Lipper/Reports/European_Fund_Market_Review_2012.pdf

 

 

 

 

 

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