REUTERS/SAM MIRCOVICH

EUROPEAN FUND MARKET MID-YEAR REVIEW 2013

 Thomson Reuters 2013. All Rights Reserved. This report is for informational purposes only, and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. No guarantee is made that the information in this report is accurate or complete and no warranties are made with regard to the results to be obtained from its use. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its afliates. For immediate assistance, feel free to contact Lipper at 44.20.7542.2710 or via email at lipperfmi@thomsonreuters.com. For more information about Lipper, please visit our website at www.lipperfmi.com or www.lipperweb.com.

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EUROPEAN FUND MARKET MID-YEAR REVIEW 2013

JAN-JUN 2013

OVERVIEW
The following report is based on the unique fund ows information delivered through Lipper FundFile, our leading global fund ows database. The charts and tables in this report reect only the tip of the iceberg in terms of the depth and breadth available from Lipper within FundFile. The report offers a highlevel overview of European fund ows activity over the rst half of 2013. Lipper FundFile allows deep fund ows analysis of all key geographical markets covering: Asia Pacic, Latin America, the Middle East and Africa, and the U.S., and delivers a truly global fund ows solution. By gradually building the international reach of global sales data, the high quality and ease of use that have made FundFile the unparalleled source of data and analysiscompiling information on more than 100,000 funds over the past ten yearshave been maintained. The cross-border dimension of the European funds industrythe international fund marketcan only truly be assessed with Lipper SalesWatch, a unique cooperative, condential benchmarking service that allows leading fund groups to track their cross-border sales and assets against their competitors by country, distribution channel, institutional versus retail activity, and both gross and net sales. This service now counts 48 of the leading asset managers among its members. Some sample data taken from the tool can be seen on pages 18 and 19 of the current report. European mutual funds attracted 109.6bn inows for the rst half of 2013 (compared to 83.2bn over the same period in 2012), with the majority of new business sourced over Q1 2013 (109.3bn). The tables turned dramatically in June, when investors ed mutual funds bringing the overall pickings to just 300m net for Q2. It is worth noting that the bulk of the outows that month were due to redemptions from xed income vehicles (-28bn), following Federal Reserve Chairman Ben Bernankes suggestion that quantitative easing in the U.S. might come to an end next year. The asset class had signicantly gained in popularity in 2012, consequently collecting a colossal 228.4bn over the year. When looking at long-term products (i.e., at funds that not do not invest in money market funds), the outlook was a lot more positive as year-todate net sales reached 161.4bn. The beginning of 2013 led to believe in an equity revival, with average monthly ows of 12.3bn net over the rst quarter. Investor appetite appeared to be increasingly focused to what are deemed riskier strategies. This was short lived as sales rapidly declined and slid back into negative territory during Q2 (-7.8bn). Q1s boost in activity was no doubt reected in the 158 new equity fund launches over the course of the second quarter. Nevertheless, during the rst half of 2013, new launch activity was dominated by bond funds, reecting the demand of investors for new products within this sector, mainly driven by the chase for yield. Turning to group success, there was a notable shift this year. PIMCO, the worlds largest bond house and the top selling group for the rst half of 2012, receded down the league table to fourth position, collecting 11.3bn. Asset management giants BlackRock and JP Morgan led the way, with 13.6bn and 13.3bn inows respectively. The success of the Templeton Global Total Return Fund (7.9bn net) propelled the U.S. group Franklin Templeton into third place with net inows of 11.8bn. This year also marked the rise of product types offering a somewhat broader investment strategy with the likes of Asset Allocation (31.9bn), Bonds Global Currencies (24.2bn), Bonds Flexible (16.8bn) and Equities Global (11.8bn) largely dominating top sector sales. New to this study is an analysis of the increasing weight of passive strategies within the mutual fund space over the past decade (page 12). We hope you enjoy the report.

KEY DATA:
TOTAL # OF MASTER GROUPS

1,903
TOTAL # OF COMPANIES

2,803
TOTAL # OF FUNDS

34,861
FUND LAUNCHES

1,218
FUND CLOSURES

1,662
TOTAL NET ASSETS (JUNE 2013)

6,050BN
ASSET GROWTH (YTD 2011)

120BN
ESTIMATED NET SALES (YTD 2013)

109.6BN
ESTIMATED NET SALES (Q1 2013)

109.3BN
ESTIMATED NET SALES (Q2 2013)

0.3BN

EUROPEAN FUND MARKET REVIEW

2013 EDITION

OVERVIEW
FIGURE 1 EUROPEAN NET SALES YTD 2013 (M)
Bond 300,000 250,000 200,000 150,000 100,000 50,000 0 -50,000 -100,000 Year 2012 YTD 2013 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Equity Mixed Assets Monet Market Other

FIGURE 2

GLOBAL NET SALES YTD 2013 (M)

Bond Equity Mixed Assets Money Market Other

250,000 200,000 150,000 100,000 50,000 0 -50,000 -100,000 -150,000 USA Europe Asia Pacific Latin America MEA

EUROPEAN FUND MARKET REVIEW

2013 EDITION

BEST SELLERS
FIGURE 3
FUND M&G Global Dividend BlackRock Collective Investment Funds - UK Equity Tracker Polar Capital Funds Plc - Japan Fund AllianceBernstein SICAV - Select US Equity Portfolio Aberdeen Global Asian Smaller Companies Fund

BEST-SELLING EQUITY FUNDS DOMICILED IN EUROPE YTD 2013

EQUITY CLASSIFICATION Global United Kingdom Japan North America Pacic ex Japan Mid/Small Caps NET SALES (M) 2,121.3 1,767.7 1,371.0 1,356.4 1,215.3

FIGURE 4
FUND

BEST-SELLING BOND FUNDS DOMICILED IN EUROPE YTD 2013

BOND CLASSIFICATION Global Flexible Flexible Global Global NET SALES (M) 7,935.0 4,307.9 3,861.4 3,140.8 1,984.4

Templeton Global Total Return Fund M&G Optimal Income Fund PIMCO GIS Unconstrained Bond Fund PIMCO GIS Income Fund PIMCO GIS Diversied Income Fund

FIGURE 5
FUND

BEST-SELLING MIXED FUNDS DOMICILED IN EUROPE YTD 2013

MIXED CLASSIFICATION Mixed Balanced Asset Allocation Mixed Balanced Asset Allocation Asset Allocation NET SALES (M) 2,914.8 2,812.5 2,385.7 2,036.3 1,924.2

JPMorgan Funds - JF Asia Pacic Income Fund Standard Life Global Absolute Return Strategies JPMorgan Investment Funds - Global Income Schroder ISF-Global Multi-Asset Income Standard Life Global Absolute Return Strategies Fund

EUROPEAN FUND MARKET REVIEW

2013 EDITION

EUROPEAN SALES
FIGURE 6 EUROPEAN MARKET RANKING BY ESTIMATED NET SALES YTD 2013 (M)
RANK FUND MARKET 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 International Italy Spain Germany Sweden United Kingdom Norway Portugal Hungary Poland Belgium Turkey Austria Czech Republic Finland Croatia Romania Russia Slovakia Bulgaria Greece Estonia Latvia Malta Lithuania Ukraine Liechtenstein Slovenia Luxembourg Switzerland Denmark Netherlands France TOTAL EUROPE BOND 65,586.5 -180.7 5,160.2 4,589.3 1,308.5 -1,766.8 2,314.7 144.6 809.8 129.4 23.0 463.3 210.0 80.8 758.7 7.5 155.9 433.8 27.4 12.2 179.0 -3.7 20.6 24.2 0.8 -0.3 4.7 1.2 -120.0 4,642.7 -332.1 -58.2 -3,679.4 80,947.5 COMMODITY -1,124.5 -17.0 -1.7 -404.1 -24.6 -0.5 -9.8 -0.4 0.0 94.2 -53.9 5.9 -0.4 -4.7 -2.8 -0.1 -0.9 -2.2 -3,356.1 -26.6 -191.7 -5,122.1 EQUITY 34,408.0 -1,540.3 776.8 -2,832.8 2,025.7 -1,011.8 192.8 -28.5 11.6 206.3 -455.2 122.8 221.2 104.5 307.7 -13.1 -5.8 -153.5 5.6 6.5 -19.9 39.5 -0.6 1.3 -0.9 -0.2 7.6 -23.0 162.2 -2,074.4 -687.7 -1,148.5 442.8 29,046.7 MIXED 23,176.1 8,720.3 177.0 5,463.6 784.8 6,507.0 96.4 -164.5 58.7 117.8 2,074.4 509.8 6.3 84.9 -1,433.5 -8.0 6.3 -15.2 39.9 4.9 -5.4 2.4 -10.5 0.2 -1.5 -13.7 -11.9 -41.1 1,269.0 86.3 -219.5 414.5 47,675.8 MM -27,129.1 592.7 1,973.1 -1,260.3 1,279.7 -956.2 -826.7 1,820.7 531.9 1,167.4 904.7 -178.0 15.3 -58.8 879.9 290.0 103.1 -2.0 28.0 19.0 -126.3 -0.4 -3.2 0.6 -2.1 -88.4 -2,070.1 -114.1 -9.4 -28,547.5 -51,766.6 MM ENH PROPERTY -534.2 296.8 186.8 -171.6 3.4 2.5 -0.7 -5.2 1.7 -1.8 -13.8 1.0 -0.6 22.3 0.0 1.0 -0.4 86.7 3,268.0 3,141.9 61.1 -28.7 1,402.4 312.4 -48.8 84.4 0.0 400.1 70.2 2.4 69.7 161.0 2,486.1 OTHER 5,741.2 -489.2 -913.7 333.7 658.9 -688.0 -50.0 -7.9 178.7 -28.5 -1,377.7 -1.5 -123.7 154.5 -134.7 4.6 0.5 -8.0 0.0 -10.9 0.9 0.0 0.0 9.6 710.1 65.6 -28.2 -820.1 3,176.2 TOTAL 100,185.1 7,382.5 7,329.7 7,120.1 6,033.0 2,399.3 1,717.4 1,715.6 1,677.2 1,591.7 1,258.3 862.4 736.8 433.9 361.8 276.3 265.1 260.8 162.0 42.5 37.9 35.8 22.0 12.7 1.2 -1.4 -3.9 -35.8 -77.7 -631.1 -982.0 -1,490.5 -29,113.3 109,585.5

EUROPEAN FUND MARKET REVIEW

2013 EDITION

ALL SECTOR RANKING

FIGURE 7 TOP 25 SECTORS IN EUROPE (M)
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 FUND SECTOR Asset Allocation Bonds Global Currencies Bonds Flexible Equities Global Mixed Assets Balanced Equities North America Bonds Emerging Markets - Local Currency Equities Emerging Markets Equities Japan Bonds Speciality Fund of Funds Asset Allocation Mixed Assets Conservative Convertible Bonds & Options Bonds Emerging Markets Corporate Bonds USD Short-Term Bonds EUR Short-Term Fund of Funds Conservative Bonds EUR Equities Europe Short Term Dynamic Fund of Funds Bonds Bonds Global Corporates Target Maturity Other Fund of Funds Balanced Bonds Global High Yield REST TOTAL ENS YTD 2013 31,913.7 24,223.6 16,801.8 11,874.5 10,774.6 9,251.4 8,633.8 7,385.4 7,257.2 6,897.6 6,724.3 6,135.0 5,862.0 4,979.8 4,626.6 4,363.5 4,248.4 4,134.1 4,032.8 3,907.5 3,791.1 3,588.7 3,542.8 3,088.6 2,891.4 -75,523.6 125,406.3

FIGURE 8
40,000 30,000 20,000 10,000 0 -10,000 -20,000 -30,000 -40,000 -50,000

TOP AND BOTTOM FIVE SECTORS BY SALES YTD 2013 (M)

Asset Alloc Bnd Gl Curr

Bnd Flex

Eq Global

Mix Bal

FF Hdge

Eq UK

Bnd Eur CIG

MM USD

MM Euro

EUROPEAN FUND MARKET REVIEW

2013 EDITION

ALL SECTOR RANKING

FIGURE 9 SECTOR POSITIONING BY SALES AND PERFORMANCE CONTRIBUTION TO ASSET GROWTH YTD 2013 (M)

35,000

Eq Global

30,000 Eq Nth Am

25,000

Performance contribution (m)

20,000

15,000 Eq UK 10,000 Eq Switz 5,000 Eq Euroland Bnd Eur CIG Guarant'd -5,000 Eq Energy Bnd GBP CIG Commod Eq Em Mkt -15,000 -20,000 -10,000 0 10,000 Sales contribution (m) 20,000 30,000 40,000 50,000 Eq Pac ex Jpn Eq Gold Eq Nth AM S/Mid Conv Bnd & Ops Mix Bal Bnd Speciality Bnd Eur Sh-T Bnd Em Mkt Loc Cur Bnd Flex Asset Alloc Eq Europe Eq Japan

Bnd Gl Curr

-10,000

Note: Excludes money market funds.

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PAN-EUROPEAN MASTER GROUPS SALES

FIGURE 10 TOP EUROPEAN MASTER GROUPS BY SALES YTD 2013 (M)
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 MASTER GROUP BlackRock JP Morgan Fr Templeton PIMCO Prudential/M&G Standard Life Intesa SP BNY Mellon Vanguard Volksbanken Raiffeisenbanken Pioneer Invesco Wellington GAM Holding Goldman Sachs State Street Stone Harbor Vontobel Aberdeen ING Neuberger Berman Pictet UBP Baillie Gifford AXA/AB TOP 25 REST TOTAL NAT US US US US GB GB IT US US DE IT US US CH US US US CH GB NL US CH CH GB FR # FUNDS 419 229 103 61 111 73 443 206 39 432 417 139 38 246 96 142 12 61 119 270 18 206 66 29 357 4,332 24,809 29,141 ENS YTD 2013 13,574.6 13,267.4 11,872.5 11,291.6 5,642.9 4,614.2 4,059.6 3,869.4 3,386.8 3,352.1 3,175.9 2,752.1 2,702.9 2,611.7 2,558.2 2,334.2 2,153.6 1,991.4 1,988.0 1,920.6 1,811.2 1,752.9 1,702.9 1,698.5 1,628.7 107,713.8 53,643.5 161,357.3

Note: Excludes money market funds.

FIGURE 11 MARKET SHARE OF LEADING MASTER GROUPS BY SALES

16-25 17%

Top 5 52% 6-15 31%

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PAN-EUROPEAN FUND LEADERS SALES

FIGURE 12 TOP 25 FUNDS BY ESTIMATED NET SALES YTD 2013 (M)

RANK MASTER GROUP 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Fr Templeton Prudential/M&G PIMCO PIMCO JP Morgan Standard Life JP Morgan Prudential/M&G Schroders PIMCO ING Standard Life Fr Templeton JP Morgan BlackRock GAM Holding Amundi Ashmore SKY Harbor Invesco Polar Capital AXA/AB ING ETHENEA PIMCO TOTAL TOP 25 REST TOTAL

NAT US GB US US US GB US GB GB US NL GB US US US CH FR GB US US GB FR NL LU US

FUND NAME Templeton Global Total Return Fund M&G Optimal Income Fund PIMCO GIS Unconstrained Bond Fund PIMCO GIS Income Fund JPMorgan Funds - JF Asia Pacic Income Fund Standard Life Global Absolute Return Strategies JPMorgan Investment Funds - Global Income M&G Global Dividend Schroder ISF-Global Multi-Asset Income PIMCO GIS Diversied Income Fund ING (L) Renta Fund Global High Yield Standard Life Global Absolute Return Strategies Fund Templeton Global Bond Fund JPMorgan Funds - Income Opportunity Fund BlackRock Collective Investment Funds - UK Equity Tracker Julius Baer Multibond - Absolute Return Bond Fund CPR Mon Carry Ashmore Sicav Emerging Markets Corporate Debt Fund SKY Harbor Global Funds - U.S. Short Duration High Yield Fund Invesco Balanced-Risk Allocation Fund Polar Capital Funds Plc - Japan Fund AllianceBernstein SICAV - Select US Equity Portfolio ING (L) Flex Senior Loans Ethna-AKTIV E PIMCO GIS Emerging Local Bond Fund

DOMICILE LAUNCH DATE LU UK IE IE LU UK LU UK LU IE LU LU LU LU UK LU FR LU LU LU IE LU LU LU IE Aug-03 Nov-06 Oct-08 Nov-12 Jun-01 Jan-08 Dec-08 Jul-08 Apr-12 Jun-05 Apr-01 Jan-11 Feb-91 Jul-07 Jul-05 Apr-04 Jan-09 Feb-10 Apr-12 Sep-09 Oct-01 Oct-11 Sep-05 Oct-01 Dec-07

TYPE Bnd Bnd Bnd Bnd Mix Mix Mix Eq Mix Bnd Bnd Mix Bnd Bnd Eq Bnd Enh-MM Bnd Bnd Mix Eq Eq Bnd Mix Bnd

ENS YTD 2013 7,935.0 4,307.9 3,861.4 3,140.8 2,914.8 2,812.5 2,385.7 2,121.3 2,036.3 1,984.4 1,956.1 1,924.2 1,888.3 1,852.1 1,767.7 1,720.4 1,664.9 1,456.5 1,416.7 1,388.6 1,371.0 1,356.4 1,316.2 1,312.1 1,286.0 57,177.4 104,179.9 161,357.3

Note: Excludes money market funds.

FIGURE 13 MARKET SHARE OF BEST-SELLING 25 FUNDS

Top 25 35%

Rest 65%

10

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PRODUCT THEMES EXCHANGE TRADED FUNDS

FIGURE 14 TOP 10 MASTER GROUPS BY SALES YTD 2013 (M)

RANK 1 2 3 4 5 6 7 8 9 10

MASTER GROUPS BlackRock State Street PIMCO ThinkCapital UBS Amundi Natixis Deka Invesco Sv Handelsbanken TOTAL TOP 10 TOTAL

NAT US US US NL CH FR FR DE US SE

ASSETS JUNE 2013 113,060.3 7,293.3 2,365.7 606.4 9,395.2 9,157.3 739.9 4,537.2 1,010.5 2,695.2 150,861.0 257,175.3

ENS YTD 2013 4,846.1 1,558.8 1,349.4 469.5 411.6 202.0 191.6 171.4 135.0 107.0 9,442.4 2,915.1

FIGURE 15

TOP 10 FUNDS BY SALES YTD 2013 (M)

RANK 1 2 3 4 5 6 7 8 9 10

MASTER GROUPS BlackRock BlackRock PIMCO BlackRock PIMCO Deutsche A&WM Cr Suisse BlackRock State Street BlackRock TOTAL TOP 10 TOTAL

FUND NAME iShares - iShares S&P 500 iShares - iShares MSCI Japan Monthly PIMCO Euro Enhanced Short Maturity Source ETF iShares - iShares EUR Government Bond 3-5 PIMCO US Dollar Short Maturity Source ETF db x-trackers MSCI JAPAN INDEX UCITS ETF CS ETF (IE) on MSCI Japan iShares - iShares EUR Covered Bond SSgA SPDR S&P US Dividend Aristocrats ETF iShares - iShares BC Euro Corporate Bond

ENS YTD 2013 1,082.2 833.1 592.0 550.1 503.3 431.9 342.8 321.4 315.6 303.1 5,275.5 2,915.1

11

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PRODUCT THEMES ACTIVE VS. PASSIVE

FIGURE 16 MARKET SHARE OF PASSIVE FUNDS BY ASSETS (DATA AS OF JUNE 2003)
EUROPE 1% 3%
3% USA 8%

96%
Active ETF Index Tracking

89%

FIGURE 17 MARKET SHARE OF PASSIVE FUNDS BY ASSETS (DATA AS OF JUNE 2013)

EUROPE 5% 7%
12% 13% USA

75%

88%
Active ETF Index Tracking

Note: Excludes money market funds.

12

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PRODUCT THEMES BONDS EMERGING MARKETS

FIGURE 18 TOP 10 MASTER GROUPS BY SALES YTD 2013 (M)

RANK 1 2 3 4 5 6 7 8 9 10

MASTER GROUPS Stone Harbor JP Morgan PIMCO Ashmore Fr Templeton KBC Pictet RBC BNY Mellon BlackRock TOTAL TOP 1O TOTAL

NAT US US US GB US BE CH CA US US

ASSETS JUNE 2013 12,193.2 6,155.3 12,708.4 11,218.8 7,309.0 1,476.8 14,595.4 10,205.5 3,785.4 4,135.3 83,783.0 177,595.8

ENS YTD 2013 2,175.2 1,779.8 1,398.7 1,198.5 964.0 935.0 849.9 537.4 495.1 466.4 10,799.9 11,091.7

FIGURE 19

TOP 10 FUNDS BY SALES YTD 2013 (M)

MASTER GROUPS Ashmore PIMCO Stone Harbor JP Morgan Fr Templeton Pictet JP Morgan KBC BNY Mellon Stone Harbor TOTAL TOP 1O TOTAL FUND NAME Ashmore Sicav Emerging Markets Corporate Debt Fund PIMCO GIS Emerging Local Bond Fund Stone Harbor Emerging Market Local Currency Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund Templeton Emerging Markets Bond Fund Pictet - Emerging Local Currency Debt JPMorgan Funds - Emerging Markets Corporate Bond Fund KBC Participation Local Emerging Market Bonds BNY Mellon Emerging Markets Debt Local Currency Fund Stone Harbor Emerging Markets Debt Fund ENS YTD 2013 1,456.5 1,286.0 1,249.2 1,101.0 1,044.4 814.1 748.6 728.7 554.3 495.5 9,478.4 11,091.7

RANK 1 2 3 4 5 6 7 8 9 10

Note: Includes sectors Bonds Emerging Markets, Bonds Emerging Markets - Local Currency and Bonds Emerging Markets Corporate.

13

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PRODUCT THEMES EQUITIES GLOBAL

FIGURE 20 TOP 10 MASTER GROUPS BY SALES YTD 2013 (M)

RANK 1 2 3 4 5 6 7 8 9 10

MASTER GROUPS BlackRock Deutsche A&WM Prudential/M&G Pictet Amundi Investec Vanguard Schroders MFS Fundsmith TOTAL TOP 1O TOTAL

NAT US DE GB CH FR ZA US GB US GB

ASSETS JUNE 2013 19,150.4 28,828.2 16,321.2 6,140.3 5,279.3 5,764.0 7,121.4 10,190.0 6,882.0 1,919.3 107,596.0 425,262.5

ENS YTD 2013 1,708.0 1,603.9 1,217.5 1,016.1 960.9 741.7 687.5 671.6 599.3 580.4 9,786.9 11,874.5

FIGURE 21

TOP 10 FUNDS BY SALES YTD 2013 (M)

MASTER GROUPS Prudential/M&G Deutsche A&WM Amundi BlackRock Deutsche A&WM Investec BNY Mellon MFS Fundsmith PIMCO TOTAL TOP 1O TOTAL FUND NAME M&G Global Dividend DWS Top Dividende Amundi International Sicav BlackRock Index Selection - Developed World Index Fund DWS Invest Top Dividend Investec GSF Global Franchise Fund Newton Global Higher Income MFS Meridian - Global Equity Fund Fundsmith Equity PIMCO GIS EqS Dividend Fund ENS YTD 2013 2,121.3 1,026.6 901.4 759.4 733.5 581.6 550.4 533.4 516.7 442.1 8,166.5 11,874.5

RANK 1 2 3 4 5 6 7 8 9 10

14

EUROPEAN FUND MARKET REVIEW

2013 EDITION

PRODUCT DEVELOPMENT NEW FUNDS BY SECTOR

FIGURE 22 TOP 25 SECTORS OF NEW FUNDS YTD 2013 (M)

RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

FUND SECTOR Asset Allocation Target Maturity Euroland Target Maturity Other Guaranteed Fund Protected Fund Bonds Global Currencies Fund of Funds Guaranteed Bonds EUR Fund of Funds Asset Allocation Equities North America Equities Global Not Sectorized Bonds Flexible Bonds Global Corporates Equities Emerging Markets Bonds Emerging Markets - Local Currency Equities Europe Speciality Bonds Global High Yield Bonds EUR Short-Term Equities Speciality Equities Mexico Bonds Speciality Fund of Funds Conservative Bonds USD TOP 25 TOTAL

# FUNDS 144 65 30 38 74 28 31 19 68 26 52 50 25 9 33 14 27 24 10 10 28 1 8 16 5 835 1,222

ENS YTD 2013 8,199.5 6,444.3 6,034.6 4,092.5 2,971.6 2,941.0 2,372.5 1,912.8 1,604.3 1,558.7 1,548.4 1,490.5 1,423.4 1,351.4 1,224.3 1,182.4 970.4 954.2 948.8 885.5 853.5 783.6 769.0 695.4 603.6 53,816.1 65,332.8

FIGURE 23

MARKET SHARE OF LEADING SECTORS OF NEW FUNDS

16-25 sectors 13%

Rest 18%

Next 10 sectors 27% Top 5 sectors 42%

15

EUROPEAN FUND MARKET REVIEW

2013 EDITION

CROSS-BORDER PROGRESS GROUP WINNERS

FIGURE 24 TOP 25 INTERNATIONAL GROUPS BY ESTIMATED NET SALES YTD 2013 (M)

RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

MASTER GROUP JP Morgan Fr Templeton BlackRock PIMCO Prudential/M&G Invesco GAM Holding Schroders Pictet Wellington State Street Goldman Sachs Vanguard Aberdeen ING Stone Harbor BNY Mellon Vontobel Allianz GI Neuberger Berman Standard Life Polar Capital Amundi AXA/AB SKY Harbor TOP 25 REST TOTAL

NAT US US US US GB US CH GB CH US US US US GB NL US US CH DE US GB GB FR FR US

# FUNDS 187 90 363 61 66 90 131 111 167 39 85 98 32 72 92 12 59 37 54 18 9 12 194 193 2 2,274 6,745 9,019

ASSETS JUNE 2013 74,519.5 127,840.7 225,985.7 116,191.1 58,387.1 25,319.0 32,108.3 56,574.5 46,381.7 16,053.9 16,624.8 29,599.6 30,992.3 45,697.3 24,650.8 12,922.2 17,012.3 11,105.0 16,143.1 9,488.7 9,129.0 4,272.9 32,787.7 81,542.3 2,574.9 1,123,904.3 1,089,688.7 2,213,593.0

ENS YTD 2013 13,026.4 11,777.7 11,603.3 11,291.6 8,182.5 3,827.3 3,636.5 2,875.5 2,849.2 2,702.9 2,666.4 2,558.2 2,490.7 2,271.8 2,241.9 2,153.6 2,013.2 2,009.1 1,886.6 1,811.2 1,721.8 1,612.2 1,562.6 1,496.7 1,483.1 101,752.0 25,562.2 127,314.2

Note: Excludes money market funds.

16

EUROPEAN FUND MARKET REVIEW

2013 EDITION

CROSS-BORDER PROGRESS GROUP WINNERS

FIGURE 25 GROUP POSITIONING BY SALES AND PERFORMANCE CONTRIBUTION TO ASSET GROWTH YTD 2013 (M)
3,000

Orbis

2,000

Morgan Stanley Performance contribution (m) 1,000 Robeco Pioneer MFS AXA/AB 0 ING Schroders BNY RBC -1,000 GS Wellington Stone Harbor Aberdeen -2,000 BlackRock PIMCO -3,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 GAM Pictet Fr Templeton Vanguard M&G JP Morgan

Invesco

Sales contribution (m)

Note: Excludes money market funds.

17

EUROPEAN FUND MARKET REVIEW

2013 EDITION

CROSS-BORDER PROGRESS FOREIGN SHARE OF SALES IN EUROPE

NET SALES OF FOREIGN GROUPS BY MARKET IN H1 FIGURE 26 2013 - ALL FUNDS (M)
Domestic 30,000 25,000 20,000 15,000 10,000 5,000 0 -5,000 IT CH SP FR DEU UK BE AU NL SWE Foreign

NET SALES OF FOREIGN GROUPS BY MARKET IN H1 FIGURE 27 2013 - EQUITY ONLY (M)
5,000 4,000 3,000 2,000 1,000 0 -1,000 -2,000 -3,000 -4,000 -5,000 IT SP CH Domestic Foreign

BE

UK

NL

FR

AU

SWE

DEU

NET SALES OF FOREIGN GROUPS BY MARKET IN H1 FIGURE 28 2013 - BOND ONLY (M)
16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 -2,000 -4,000 -6,000 IT CH DEU Domestic Foreign

FR

BE

SP

UK

AU

SWE

NL

Note: Excludes money market funds & ETFs 1. F  oreign activity is actual sales as measured by the Lipper SalesWatch Condential Service. 2.  The 48 members are estimated to account for 75-80% of the total cross-border sales activity.

18

EUROPEAN FUND MARKET REVIEW

2013 EDITION

CROSS-BORDER PROGRESS DOMESTIC VS. FOREIGN SECTORS

FIGURE 29 TOP 5 DOMESTIC AND CROSS-BORDER SECTORS IN THE MAJOR MARKETS
FRANCE 1 2 3 4 5 DOMESTIC Short Term Dynamic Bonds EUR Short-Term Convertible Bonds & Options Mixed Assets Conservative Equities North America ENS H1 2013 3,104.2 1,135.5 785.9 710.9 558.9 FOREIGN Bonds Emerging Markets - Local Currency Bonds USD Corp. High Yield Equities Global Convertible Bonds & Options Bonds Global Corporates REAL SALES H1 2013 Condential

GERMANY 1 2 3 4 5 ITALY 1 2 3 4 5 DOMESTIC Asset Allocation Target Maturity Other Bonds USD Corp. High Yield Bonds Global High Yield Bonds Global Currencies ENS H1 2013 8,460.1 3,429.5 1,188.9 672.1 537.1 FOREIGN Bonds Global Currencies Bonds Flexible Equities Global Asset Allocation Mixed Assets Balanced REAL SALES H1 2013 Condential DOMESTIC Asset Allocation Mixed Assets Conservative Bonds EUR Real Estate Bonds CNY ENS H1 2013 3,869.1 2,540.0 1,572.7 1,402.4 959.2 FOREIGN Bonds Global Currencies Bonds Flexible Bonds Global Corporates Mixed Assets Balanced Equities North America REAL SALES H1 2013 Condential

SWITZERLAND 1 2 3 4 5 DOMESTIC Bonds CHF Mixed Assets Conservative Equities Emerging Markets Bonds Global High Yield Bonds Global Corporates ENS H1 2013 1,593.5 1,171.4 1,111.3 1,105.2 605.9 FOREIGN Bonds Flexible Bonds Global Currencies Bonds Speciality Equities North America Equities Emerging Markets REAL SALES H1 2013 Condential

UNITED KINGDOM 1 2 3 4 5 DOMESTIC Asset Allocation Mixed Assets Balanced Bonds Global Currencies Equities Global Equities Japan ENS H1 2013 4,877.7 1,707.7 1,380.7 948.2 920.9 FOREIGN Asset Allocation Bonds Flexible Bonds Global Currencies Bonds Global Corporates Equities Pacic ex Japan REAL SALES H1 2013 Condential

Note: Excludes money market funds & ETFs

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2013 EDITION

REUTERS/ROMEO RANOCO

FOOTNOTES
1. All data is year-to-date 2013 unless otherwise stated. 2. International fund market. Lipper denes an International fund as a fund that sources less than 80% of its assets from any single country. Some fund groups have domestic and international funds. 3. Domestic fund market. If a fund sources more than 80% of its assets from a single country then the fund is allocated to that market regardless of its domicile. 4. Funds of funds have been excluded from all charts and tables (to avoid double-counting) unless otherwise stated. Therefore a market total is the sum of all the investment categories excluding the three funds of funds categories (in-house, ex-house and hedge). 5. The investment category other includes a variety of different product categories. For most markets, especially Belgium, Spain and France, the gure comprises guaranteed funds, but there are also derivatives and other speciality funds in the other category. 6. Property funds are open-ended property funds only. 7. Master group. Analysis that aggregates the European mutual fund assets under the umbrella of their parent company name.

8. ENS stands for estimated net sales. 9. ETFs are included in Lippers database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds. 10. References to foreign activity relate to actual sales as measured by Lippers SalesWatch condential service. The 48 SalesWatch members are estimated to account for 75-80% of total cross-border sales activity.

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EUROPEAN FUND MARKET REVIEW

2013 EDITION

REUTERS/NAVESH CHITRAKAR

CONTACT US
PRODUCT MANAGER, LIPPER FUNDFILE: JRME COUTEUR jerome.couteur@thomsonreuters.com SABINA GRABOWSKA sabina.grabowska@thomsonreuters.com PRODUCT MANAGER, LIPPER SALESWATCH: BARBARA FERRARESI barbara.ferraresi@thomsonreuters.com ELISABETTA FORELLI elisabetta.forelli@thomsonreuters.com CHERYL PATE cheryl.pate@thomsonreuters.com LIPPER DATABASES FEATURED: FUNDFILE - http://bit.ly/LipperFundFile SALESWATCH - http://bit.ly/LipperSalesWatch

DESIGNED BY: NAOMI HANDKE

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