Q3 2019 FMA Report on Asset Management: managed assets increase by +8.9% to € 189.2 bn
As of 30.09.2019 Austria’s fund industry managed funds totalling € 189.2 billion, an increase during the first nine months of the year of € 15.4 bn or 8.9%. € 898 mn of this increased amount resulted from net inflows, the majority of the rest arising from fund price increases. Out of the total Austria funds under management, approx. € 107 billion (+9.0%) were in Austrian alternative investment funds (AIF), and € 82.2 billion (+8.7%) in Austrian “undertakings for collective investment in transferable securities” (UCITS). The share of AIFs to the total funds managed has been increasing constantly for many years, from 53% in 2014 to 56.6% at the end of the 3rd Quarter of 2019.
Large growth for Mixed and Equity Funds as well as for Sustainable Funds
Broken down by investment strategy, the performance of funds under management have varied greatly during the first three quarters of the year. Mixed funds have risen by +11.4% to € 80.3 bn, bond funds by +4.4% to € 62.7 bn, equity funds by +15.9% to € 30.0 bn and real estate funds by +8.8% to € 9.3 bn. Money-market funds and short-term bond funds on the other hand fell by 5.7% to € 5.9 bn. Private equity funds with € 0.6 bn as well as other funds with € 0.4 bn stayed roughly the same. The strongest growth, however, was posted by a relatively new type of fund, sustainable funds bearing Austrian EcoLabel 49 (Umweltzeichen 49; UZ49), with a increase of +61.3% or € 3.5 bn to € 9.33 bn. The long-term trend in the Austrian funds market show net inflows in particular for mixed funds as well as real estate funds, while bond funds in contrasts show net outflows.
A broad range of funds on offer
As of 30.09.2019 Austrian Funds consisted of 924 Undertakings for Collective Investment in Transferable Securities (UCITS) and 1,112 Alternative Investment Funds (AIFs). Out of these 2,036 funds in total, some 1,074 are allowed to be marketed to the broad public as retail funds. The remaining funds are only allowed to be sold to institutional investors. Categorised by investment strategy they consist of 1,106 mixed funds, 449 bond funds, 329 equity funds, 56 short-term bond funds, 31 private equity funds, 18 real estate fund as well as 47 other funds. The total number of Austrian funds fell by 42 during the current year, 2019.
Furthermore, as of 30.09.2019, some 7,495 UCITS and 1,372 AIFs of foreign investment management companies and AIFMs had been notified for distribution in Austria. Broken down by their country of origin, Luxembourg, Ireland, the United Kingdom, Germany and France are particularly strongly represented.
The Austrian asset management landscape in generally becoming more diverse and complex in the long term. The number of Austrian investment fund management companies (KAGs) has been falling for years, and currently stands at 14 (2014: 24), while at the same time the number of alternative investment fund managers (AIFMs) has risen from 40 at year-end 2014 to 50 at the end of Q3 2019. Out of the 14 KAGs, 13 also hold a licence as an AIFM. Out of the five authorised retail estate investment fund management companies, all of them also hold an AIFM licence. A further 28 undertakings are registered as AIFMs, of which eight undertakings are also authorised to operate as Managers of European Venture Capital Funds (EuVECAs).
During the course of the current year, 2019, a total of two new AIFMs were registered (of which one also authorised as a EuVECA manager), with the licence of two KAGs (of which one also as an AIFM) and the registration of an AIFM lapsing.
The full quarterly report can be found online on the FMA website (in German only) at https://www.fma.gv.at/investmentfonds-und-verwaltungsgesellschaften/quartalsberichte/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)676 88 249 516