Industry Updates

Lyxor’s woes continue in Q3

Tom Eckett

a chess board with a few pieces

French asset manager Lyxor suffered the most ETF outflows in Europe across all issuers in Q3 amid rumours parent company

Société Générale is looking to sell the arm.

According to data from Morningstar, Lyxor saw ETF outflows of €1bn last quarter, the most across all providers in Europe.

This was largely driven by outflows in two of its flagship ETFs, the Lyxor CAC 40 ETF and the Lyxor Euro STOXX 50 ETF, which saw redemptions of €830m and €807m in Q3, respectively, the most across all ETFs listed in Europe, as European equities continued to remain out of favour.

Last July, Société Générale revealed it had acquired Commerzbank’s ETF range, ComStage, and the merger with the Lyxor range is currently ongoing.

This quarter’s outflows takes Lyxor’s ETF assets under management (AUM) in Europe to €66bn meaning it has lost further ground to Europe’s number two ETF issuer, Xtrackers, which saw inflows of €957m last quarter.

Europe’s fourth largest ETF provider, UBS, has gained further ground on Lyxor following €4.4bn inflows in Q3, the second most across all ETF providers behind BlackRock, which witnessed inflows of €12bn. UBS is now back above the €50bn AUM mark after seeing outflows in Q2.

The UBS ETF MSCI ACWI SF ETF was the most popular ETF listed in Europe in Q3 after posting positive flows of €3bn.

Two BlackRock ETFs followed, the iShares $ Treasury Bond 0-1yr ETF and the iShares Core FTSE 100 ETF, with inflows of €1.6bn and €1.5bn, respectively.

There was positive flows for the major US ETF providers with State Street Global Advisors seeing the third highest inflows of €1.8bn while Invesco and Vanguard witnessed inflows of €1.6bn and €1bn, respectively.

Europe's largest asset manager Amundi continued its strong run this year with €963m inflows last quarter, the sixth highest across all issuers.

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