Europe’s Fund Managers May Have Lost $100 Billion in 4th Quarter

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Europe’s money managers have been warning for months that the fourth quarter was bad for them. How bad? One estimate puts it at $100 billion.

That’s the amount of client money that Europe’s open-ended funds lost in the final three months of 2018 as markets whipsawed, according to Amundi SA. The French company alone saw outflows of $7.4 billion in that period amid an “extremely hostile” market, Chief Executive Officer Yves Perrier said on Wednesday. Other European companies have reported similar outflows.

Europe’s Fund Managers May Have Lost $100 Billion in 4th Quarter

For now, money managers are sticking to their targets. Perrier still plans to attract at least 50 billion euros ($57 billion) annually through 2020 -- he missed that goal by 8 billion euros last year, Amundi confirmed in its latest results.

DWS Group CEO Asoka Woehrmann likewise didn’t scrap his medium-term goal of bringing in about 20 billion euros per year, though he labeled the target as “ambitious” in a recent Bloomberg interview. Both Perrier and Woehrmann have said it’s too early to make predictions for 2019.

Europe’s Fund Managers May Have Lost $100 Billion in 4th Quarter

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