The first half of 2022 was particularly challenging for Austria’s asset managers. While 2021 closed with an all-time high net asset value of € 230.7 bn[1], this fell by € 10.7 bn until the end of the first quarter of 2022, or – 4.6% to € 220.0 billion, before falling further until the end of the second quarter, this time by € 17 bn or -7.7% to € 203 bn. This significant fall could in particular be attributed to the massive falls witnessed by stock exchanges around the world as a consequence of Russia’s conflict in Ukraine, the exploding commodity and energy prices, the massive rise in inflation, the changing interest rates regime, as well as the resulting very fragile economic outlook. While Austrian funds (including real estate investment funds) still posted net inflows of € 1.4 bn during the 1st quarter, the situation in the 2nd quarter was aggravated further by net outflows of funds of € 1.1 billion. These are the findings of the FMA’s Report on Asset Management for Q2 2022, which was published today.
More than one-third of assets are invested a sustainability focus
Broken down by investment strategies, only real estate funds and “other funds” posted increases in assets in the second quarter, with all other types of fund posting falls. As of 30.06.2022, the net asset value stood at € 94.4 bn for mixed funds (-7.7% compared with the preceding quarter), € 54.2 bn (-8.0%) for bond funds, € 36.2 bn (-10.7%) for equity funds, € 11.4 bn for real estate funds (+2.0%), € 5.6 bn (-4.2%) for short-term bond funds, € 0.8 bn for private equity funds (unchanged) and € 0.4 bn (+10%) in other funds.
As of the cut-off point, 14 investment fund management companies[2] (KAGs) and 58 alternative investment fund managers[3] (AIFMs) were authorised in Austria, two more than in the preceding quarter. They have launched 889 (-4) “Undertakings for collective investment in transferable securities” (UCITS) as well as 1,188 (+22) alternative investment funds (AIFs). Categorised by investment strategy they consist of 1,137 mixed funds, 431 bond funds, 348 equity funds, 48 short-term bond funds, 39 private equity funds, 20 real estate funds as well as 54 other funds. Out of all these funds, some 455 are classified as sustainability-related funds under the Sustainable Finance Disclosure Regulation (SFDR). Collectively they have a net asset value of € 70.6 bn, of which € 65.7 bn in “light green funds” (Article 8 SFDR) and € 4.8 bn in “dark green funds” (Article 9 SFDR).
As of the end of the second quarter, 7,899 UCITs (+87 compared to the preceding quarter) and 2,373 AIFs (+188 compared to the preceding quarter) from the European Economic Area (EEA) of foreign KAGs and AIFMs had notified about distribution in Austria. Broken down by their country of origin, Luxembourg, Ireland, Germany and France are particularly strongly represented.
The complete “FMA Report on Asset Management for the 2nd Quarter of 2022” can be downloaded from the FMA Website (in German only) under https://www.fma.gv.at/investmentfonds-und-verwaltungsgesellschaften/quartalsberichte/
[1] Aggregated volume of funds as Net Asset Value (NAV)
[2] under the Investment Funds Act 2011 (InvFG 2011; Investmentfondsgesetz 2011)
[3] under the Alternative Investment Fund Managers Act (AIFMG)
Journalists may address further enquiries to:
Klaus Grubelnik
+43/(0)1/24959-6006
+43/(0)676 88 249 516