FUNDMARKET INSIGHT REPORT

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1 FUNDMARKET INSIGHT REPORT NOVEMBER 2013 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the end of September 2013, there were 31,925 mutual funds registered for sale in Europe. Luxembourg continued to dominate the fund market in Europe, hosting 8,618 funds, followed by France, where 4,876 funds were domiciled. For Q3 2013, 442 funds were created in Europe. During the same period 458 funds were liquidated and 255 funds were merged. The total number of funds showed a decrease of 271 products for third quarter For third quarter 2012 the net decrease had been slightly higher at 308 products. View of the Mutual Fund Market in Europe The chart below breaks down the European fund market by asset class as of the end of Q Equity funds dominated the scene with 37% of the funds available for sale, followed by mixed-asset funds at 26%. Bond funds stood at 22%, while money market funds represented 4% of the market. The remaining 11% of other funds were real estate funds, commodity funds, guaranteed funds, unclassified, and funds of hedge funds. Figure 1 Distribution of Mutual Funds Registered for Sale in Europe by Asset Type as of the End of September 2013 The quarterly net change in the European fund universe showed a negative result, but the trend was slowing. Only mixed-asset funds countersteered this trend with a positive net change in the number of available products. DETLEF GLOW Head of Lipper EMEA Research

2 Quarterly Comparison During Q3 2013, 442 funds were launched in Europe. The quantity of newly launched products was comparable with the number from the preceding quarter, when 432 funds were launched. Q3 s number showed an increase of 9% against the number of newly listed products for Q3 2012, when 404 funds were launched. Fund liquidations were down from 502 funds for Q to 458 funds for Q (-9%). Compared with third quarter 2012 (471), the decrease in liquidations for Q was roughly flat. During the same period the number of fund mergers showed no real change: Q had 241 mergers compared to 255 mergers for Q For Q2 2013, 355 funds were merged, so measuring Q against Q we saw a decrease of 28%. Figure 2 Overview of New Fund Launches, Mergers, and Closures of Investment Funds Comparing third quarters since 2010 the number of liquidations and mergers seemed to be stable. With 442 newly launched funds for Q3 2013, we saw the highest number of newly launched funds since Q

3 Launches, Mergers, and Liquidations Over the Past Five Years The change in net size of the European fund universe has been negative since Q We saw the lowest net growth in Q2 2012, with 340 mergers, 535 liquidations, and just 417 newly launched funds (for a total decline of 458 products). For Q the number of mergers and liquidations went down, while at the same time we noticed a small increase in fund launches. Figure 3 Launches, Mergers, and Closures of Investment Funds Net Change Over the Past Five Years Since Q the net changes have shown consistently negative results. But it looks like that trend is slowing. Comparing Q with the previous quarter s net changes, we see a decrease of 271 funds against 425 funds (-36%). Looking back one year we notice a net decrease of 308 funds for Q3 2012, 12% higher than the current number. Figure 4 Net Change in Number of Funds Registered for Sale in Europe

4 Changes in European Fund Universe by Asset Classes, Q Q witnessed the launch of 442 funds: 133 equity funds, 120 bond funds, 155 mixedasset funds, 23 other funds, and 11 money market funds. During the same period 458 funds were liquidated: 148 equity funds, 58 bond funds, 91 mixed-asset funds, 145 other funds, and 16 money market funds. For Q3 2013, 255 funds were merged: 76 equity funds, 70 bond funds, 59 mixed-asset funds, 15 other funds, and 35 money market funds. Figure 5 Overview of New Fund Launches, Mergers, and Closures, July 1, September 30, 2013 Mixed-asset funds showed the only positive net change, summing up the numbers of launches, liquidations, and mergers on an asset class basis.

5 Summary and Outlook Consolidation continues, considering the net change in the European funds universe. But the picture is slightly different, since the numbers of mergers and liquidations are staying at the same level. Comparing Q with Q3 2013, while the number of launches has gone up about 10%, we see a different picture in the segments: other funds showed massive closures, and the number of mixed-asset funds increased slightly. Regulation, regulation, regulation... Is still the key topic for European asset managers. We are now in the midst of the transformation process in regard to AIFMD guidelines, which needs to be finished by July Concurrently, UCITS V will be pushed forward, and the agenda for UCITS VI is also on the way. In addition, other regulations such as EMIR and MiFID II will also impact the asset management industry. One of the UCITS VI topics is the revision of the regulation for money market funds in regard to redemption fees, cash reserves, redemption gates, etc. As of now it is not clear how the products might be regulated when the process is finalised, but the changes might have a massive impact on this asset class. European money market funds will hold approximately 22% of all short-term bonds issued by the governmental or the corporate sector as well as approximately 38% of the short-term bonds from the banking sector (source: Association of the Luxembourg Fund Industry [ALFI] stats). The major domiciles for funds of this asset class are France and Luxembourg. In the largest domicile, Luxembourg, about 10% of the assets under management in investment funds are invested in money market products. Low interest rates would lead to outflows in this sector. During the ALFI road show in Frankfurt Lipper had the chance to speak with Camille Thommes (General Director of ALFI) about the upcoming challenges for the European fund industry. Mr. Thommes raised concerns about the ongoing discussion regarding money market funds and stated the importance of this product category for the markets: we have a well-regulated, established product in the market; if we see too much regulation here, we might see investors drifting away from Europe. The speed of regulation has increased significantly since the financial crisis, but the industry definitely needs time for implementation, and one of the most important challenges is not to miss the investor in this way. We need to ensure that we will guide him through this process and explain why and what we are doing, stated Mr. Thommes. Lipper U.S. Client Services Lipper Europe Client Services (UK) (Europe) Lipper Asia Client Services lipperweb.com 2013 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies.

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