Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

European fund managers' assets hit record high

Open-access content Tuesday 17th May 2022
European fund managers' assets hit record high

The total assets under management (AUM) of 20 European fund managers surveyed by Moody's grew to a record high last year thanks to favourable markets and positive net flows.

The group of asset managers – which includes Allianz and Schroders – saw its combined AUM hit €12.8trn (£10.8) in the second half of 2021, which represents a 9% year-on-year increase.

Positive net flows characterised the period, with sustainable funds attracting most of the net new money, and investor demand for private assets, alternatives and multi-assets remaining strong.

However, the analysis by Moody's, published in a new report, also suggests that the war in Ukraine and rising inflationary pressures will exacerbate market volatility in the months ahead, weighing on asset managers’ revenue and profitability.

“2021 was a very strong year for European asset managers, underpinned by improving macroeconomic environment, favourable markets and increasing investor confidence,” the report states. 

“Since the beginning of 2022, the operating environment has deteriorated as a result of a worsening macroeconomic outlook, geopolitical tensions, the ongoing Russia-Ukraine military conflict and tightening financial conditions aimed at tackling inflation. 

“All of these have increased market volatility and eroded investor confidence, weighing on asset managers' AUM, flows and revenue.”

The findings also show that the combined fee revenue for the asset managers studied rose 5% from the first half of 2021, supported by an increase in both management and performance fees.

For a subgroup of managers that report profitability data, the aggregate EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved slightly to 32.1% in the second half of 2021, up from 30.2% in the first six months. 

The increase reflected improvements in underlying profitability, as revenue growth outpaced growth in operating and sales costs. Leverage improved, and liquidity remained strong.

Moody's said that European asset managers have taken a number of measures to boost top line growth, from growing their ESG capabilities to making selective acquisitions to strengthen their offering in areas of interest to investors.

However, the report adds: “We do not expect a repeat of 2021's strong results in H1 2022, as market volatility will weigh heavily on the group's results.”

The asset managers studied include: Allianz Global Investors, Amundi Group, Anima Holding, Ashmore Group, Aviva Investors, AXA Investment Managers, Azimut Group, Credit Suisse Asset Management, Deutsche Asset Management, Eurizon Capital, FIL Limited, GAM, Janus Henderson Group plc, Jupiter, Legal & General Investment Management, M&G, Natixis Asset Management, Schroders, and UBS Asset Management.
 

Image credit: iStock

Author: Chris Seekings

You may also be interested in...

Investors urged to remain wary of oil giants' climate targets

Investors urged to remain wary of oil giants' climate targets

Oil and gas majors are relying heavily on emissions mitigation technologies (EMTs) to meet climate targets, which are expensive and unproven at scale, investors have been warned.
Wednesday 18th May 2022
Open-access content
Climate-focused funds see assets double to record $408bn

Climate-focused funds see assets double to record $408bn

Assets in climate-focused investment funds doubled to $408bn (£313bn) last year, boosted by increased inflows and an accelerated pace of product development.
Wednesday 20th April 2022
Open-access content
RegTech spending set for three-fold increase by 2026

RegTech spending set for three-fold increase by 2026

Global investment in regulatory technology – or RegTech – is set for a three-fold increase over the next four years, according to forecasts by Juniper Research.
Wednesday 20th April 2022
Open-access content
IFoA reacts to Queen's speech

IFoA reacts to Queen's speech

The Institute and Faculty of Actuaries (IFoA) has expressed disappointment that the government has not committed to a clear timetable for actuarial regulation reforms in the Queen’s speech today.
Tuesday 10th May 2022
Open-access content
TPR urges schemes to prepare for volatile funding positions

TPR urges schemes to prepare for volatile funding positions

The Pensions Regulator (TPR) has today urged schemes to be alert to volatile investments and funding positions during the current economic climate.
Wednesday 27th April 2022
Open-access content
Investors call for mandatory health standards for food companies

Investors call for mandatory health standards for food companies

A coalition of investors managing £6trn in assets has called for the introduction of mandatory health and sustainability reporting standards for UK food companies.
Tuesday 14th June 2022
Open-access content

Latest from Investment

KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content
cj

Natural capital investing

Chris Howells and Andrew Dreaneen discuss how today’s investments in natural capital profit portfolios as well as the planet and humanity
Wednesday 1st February 2023
Open-access content
t

Options open on making portfolios more climate-friendly

Michael Sher sets out the option savailable to investors who are looking to improve their portfolios’ climate credentials
Wednesday 2nd November 2022
Open-access content

Latest from Global

rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
ULH

Growth of the profession in Zambia

One of only three Fellows in Zambia, Mulenga C Mutati anticipates exciting growth in the country’s actuarial sector
Wednesday 1st February 2023
Open-access content
cj

Natural capital investing

Chris Howells and Andrew Dreaneen discuss how today’s investments in natural capital profit portfolios as well as the planet and humanity
Wednesday 1st February 2023
Open-access content

Latest from News

web_Kartina-Tahir-Thomson.jpg

IFoA appoints new president-elect

The IFoA's next president-elect is to be Kartina Tahir Thomson, it was announced today (29 March 2023).
Wednesday 29th March 2023
Open-access content
tf

New online forum 'IFoA communities' – now live

IFoA communities is your new online digital community. Here’s how to get started on the platform
Thursday 2nd March 2023
Open-access content
uh

Climate risk course sees new growth

In April, the Climate Risk and Sustainability course will be one year old. During its first year, we welcomed 155 participants and awarded 148 certificates. Members from more than 19 countries came together at the seminars to discuss and share what they had learnt.
Wednesday 1st March 2023
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Pricing Associate

Scotland / England, London
Up to £60000 per annum
Reference
149081

Outside IR35 - Reserving Contract - 6-8 months

London (Central)
Daily rate contract - outside IR35
Reference
149079

Actuarial Analyst - Longevity Reinsurance

England, London
Up to £55000 per annum
Reference
149080
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ