Industry Updates

Lyxor suffers most outflows for European-listed ETFs in Q1

Tom Eckett

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Lyxor saw the most outflows of all providers for ETFs domiciled in Europe in Q1 despite the majority of its rivals posting inflows.

According to data from Morningstar, the French asset manager witnessed €2.6bn withdrawn from its ETF arm, the most across all ETF providers in Europe, taking its total European ETF assets under management (AUM) to €64bn*.

Deka and GAM rounded-up the bottom three for net flows, with outflows of €457m and €215m, respectively. Other notable outflows came from BNP Paribas, VanEck and FirstTrust.

At the other end, no prizes for guessing who topped the list. BlackRock’s iShares business pulled in €12.8bn flows last quarter. The asset manager is the only provider to manage above €100bn in European listed ETFs with €339bn AUM.

UBS broke through the €50bn barrier last quarter with inflows of €8.5bn. The Swiss asset manager still remains someway off the top three however, with Xtrackers managing €83.4bn and Lyxor running €72.9bn following the acquisition of Commerzbank’s ETF business last July.

Aleksandar Ivanovic, head of client coverage at UBS AM, said the improving macro environment aided the flows, with inflows seen across the majority of asset classes.

UBS was a long way ahead of its nearest competitor Invesco, who completed the top three with inflows of €2bn. Xtrackers and State Street were the only other two providers to post flows of over €1bn with inflows of €1.9bn and €1.7bn, respectively.

Other notable flows came from JP Morgan, who pulled in €194m last quarter, bringing its total ETF AUM in Europe to €917m. The flows come after the asset manager launched the joint-cheapest ETF in Europe at just 0.04%, ETF Stream revealed earlier this month.

European-listed ETF flows in Q1

Branding NameEstimated Fund-Level Net Flow - comprehensive (Q1 2019) EURFund Size - comprehensive (Monthly) 2019-03 EUR

iShares12,829,385,692.90339,245,132,938.96Xtrackers1,919,152,689.7383,366,871,827.89Lyxor-2,601,947,746.4163,995,352,306.09UBS8,544,782,709.5350,642,333,205.40Amundi204,907,729.8938,284,057,553.80Vanguard6,981,846.6735,453,191,267.93State Street1,684,379,353.7030,535,514,180.01Invesco2,009,159,221.8322,525,749,869.45

Source: Morningstar

*This excludes Commerzbank’s ETF AUM which currently totals €8.9bn.

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