Asset Management Industry Losing Its Shine In Europe

Despite the strong start to 2013, equity flows into the European asset management industry soon began to fade and have been negative for the past four weeks. Although flows into fixed income products were more resilient, they too have seen significant net outflows over the last two weeks. The value of many financial assets – especially those in emerging markets – has also declined recently, potentially implying negative asset returns for some fund managers in 2Q13. Goldman Sachs Group Inc (NYSE:GS) said in a recent report that they are moving more neutral on asset managers vs. exchanges & IDBs and…