Industry Updates

Amundi leapfrogs UBS into fourth biggest European ETF provider

Tom Eckett

a frog on a leaf

UBS Asset Management has dropped one place to Europe’s fifth biggest ETF provider after the Swiss asset manager suffered almost €5bn outflows in Q2.

According to data from Morningstar, UBS witnessed €4.7bn redemptions from its ETF range in Europe last quarter, the most across all providers and a reverse of the €8.5bn inflows seen in Q1.

This was driven by outflows in a few products including the UBS ETF MSCI ACWI SF UCITS ETF, which posted outflows of €3.9bn, the most across all ETFs listed in Europe, while the UBS ETF MSCI EMU UCITS ETF saw €1.1bn redemptions, the third highest.

A UBS AM spokesperson said tactical asset allocation changes from clients can result in "sizeable" flows between asset classes.

This means the Swiss firm now has under €50bn assets under management (AUM). To make matters worse for UBS, it has been leapfrogged by Europe’s largest asset manager Amundi, which saw €2.7bn inflows last quarter, up from the €205m inflows seen in Q1.

The increase in inflows could partially be explained by Amundi’s decision to enter the core-ETF space with a nine-strong range in March. It is well documented how core building block products continue to dominate flows in Europe.

Therefore, this takes Amundi’s ETF AUM to €48.7bn while UBS is now managing €48bn.

Elsewhere, Lyxor, who suffered the most ETF outflows across all providers in Q1, once again had a poor quarter.

After seeing €2.6bn withdrawn from its ETF arm in Q1, the French asset manager suffered €3.4bn redemptions last quarter.

To add insult to injury, Commerzbank’s ComStage ETF suite, which was acquired by Lyxor last June, also saw outflows of €437m. Combined, Lyxor currently has €70.8bn AUM and firmly remains Europe’s third largest ETF provider.

At the other end of the table, no prizes for guessing who topped the charts. BlackRock’s iShares business posted inflows of €7.6bn, taking the US giant’s ETF AUM in Europe to €352bn.

Just behind Amundi in third was Invesco, who saw €2.7bn inflows while DWS’s Xtrackers range witnessed positive flows of €1.9bn.

State Street Global Advisors was the only other ETF provider to see inflows north of €1bn after its SPDR range pulled in €1.3bn. Invesco, SPDR and Xtrackers all posted over €1bn inflows in Q1 as well.

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