If one integrates the ETFs, The industry as a whole has raised over € 30 billion.

This year transition actually conceals wide disparities and will mark a milestone, for several reasons:

1. The hierarchy of the largest European managers has changed after a particularly difficult year: 3 managers emerge (Franklin Templeton, PIMCO, Carmignac) and 3 managers suffer (JPMorgan, BNP Paribas and Natixis

2. A year when the "product mix" improves with outflows on money market funds with lower fees and strong inflows on risky assets more profitable for the managers (international equities, emerging market debt, high yield bonds ...).

3. A strong move of individual and institutional investors with capital allocation to emerging markets at the expense of the Euro / Europe.

4. A sharp rise of ETFs (free beta) and thematic allocation programs (high alpha) at the expense of benchmarked programs with low tracking error.

5. The rise of specialized independent managers (Franklin Templeton, Schroders, Fidelity, Vanguard, Carmignac, Comgest ...) who manage to raise cash on all asset classes, including equities but also bonds, diversified funds and even money market funds sometimes!

6. The sharp decline in ranking of large global players who have lost seats and moreover have suffered from outflows in all asset classes and not just the money market!

7. An increasing clear move of the industry towards a truly European asset management market with a rise of Anglo-Saxon firms (Franklin Templeton, PIMCO, BlackRock, BNY Mellon ...) with a range of products tailored to the European level (Luxembourg or Irish funds) at the expense of bank insurance players often using domestic funds (under French, Italian or Spanish law).

8. The identification of a risk to the French asset management industry in particular which remains highly vulnerable to money market funds experiencing reallocations of investors toward riskier assets, more thematic and flexible programs and range of European funds.