European and US long-term mutual-fund flows: European and US long-term fund flows slowed in August, with weakness concentrated in European active strategies and US passive flows.
European long-term net flows fell to €91bn from €114bn in July, while US flows declined to $99bn from $111bn. Most tracked European asset managers remained in positive territory, while insurer flows were positive overall.
Summary
European long-term net flows fell to €91bn from €114bn in July, while US flows declined to $99bn from $111bn. Most tracked European asset managers remained in positive territory, while insurer flows were positive overall.
- European active inflows fell to €33bn from €58bn, while passive inflows remained broadly stable at €58bn.
- US passive inflows declined to $106bn from $130bn; active outflows narrowed to $7bn from $18bn.
- Amundi and Aberdeen improved month on month, while Ninety One recorded outflows.
- M&G returned to positive flows, supported by active fixed income; Legal & General and PIMCO also recorded inflows.
Report Interpretation
Overview
JPMorgan’s August European Flow Tracker uses Morningstar data to compare long-term mutual-fund flows across Europe and the US and to assess monthly flow developments for selected European asset managers and insurers. Aggregate flows slowed in both regions, but the underlying drivers differed: Europe weakened through active strategies, while the US slowdown reflected lower passive inflows.
Core views
European long-term net flows slowed materially in August to €91bn, equivalent to an annualised 6.3% of assets under management, from €114bn in July. JPMorgan attributes the decline primarily to active inflows dropping to €33bn from €58bn, while passive flows were broadly stable at €58bn versus €56bn. Equity inflows rose to €52bn from €46bn and were predominantly passive, at €44bn. Fixed-income inflows fell sharply to €18bn from €36bn, including €11bn into active strategies. Multi-asset inflows halved to €11bn from €22bn, and alternative flows declined to €1bn from €4bn. US long-term net flows also declined, to $99bn, or an annualised 2.8% of AuM, from $111bn in July. The principal driver was a reduction in passive inflows to $106bn from $130bn. Active strategies remained in outflow, but improved to negative $7bn from negative $18bn. Fixed income was the main source of US flows at $83bn, including $39bn of active inflows, and exceeded July’s $76bn. Equity inflows fell to $11bn from $39bn despite $43bn of passive equity inflows; multi-asset outflows improved modestly to negative $15bn from negative $17bn, while alternatives attracted $3bn versus $4bn in July. Among European asset managers, all tracked firms except Ninety One recorded positive August net flows. DWS reported €6bn, down from €7.9bn in July, including €5.2bn of passive inflows and €4.6bn of passive-equity inflows. Amundi reported €8bn, up from €6bn, driven largely by €6.6bn of passive flows, including €4.5bn in passive equity. Man Group recorded $0.5bn, down from $0.9bn, with active fixed income contributing $0.75bn. Aberdeen improved to £0.7bn of inflows from £0.3bn of outflows, supported by £0.6bn of passive inflows. Ashmore’s inflows edged up to $0.3bn from $0.2bn, whereas Ninety One posted £0.4bn of outflows, worse than July’s muted flows. The insurer observations were more constructive on the latest monthly data. Legal & General continued to record net inflows, though they declined month on month because of multi-asset funds and other assets. JPMorgan nevertheless expects limited longer-term asset growth at L&G, as continuing outflows from LDI and index funds are expected to offset inflows into higher-margin strategies. M&G’s flows turned positive on active fixed income; the report expects positive FY26E net flows, supported by flow momentum and the Dai-ichi partnership. PIMCO continued to post inflows, although they declined month on month as active-fixed-income inflows softened. The tracker is intended as an indicator of retail-oriented long-term mutual-fund flows rather than a complete measure of each manager’s assets or total client flows. Morningstar captures only about 8% of Ashmore’s reported AuM at the low end and about 59% of DWS’s at the high end, covers open-ended mutual funds only, excludes institutional mandates, and excludes money-market funds from the long-term-flow measure.
Analysis framework
JPMorgan uses Morningstar monthly mutual-fund data to compare long-term net flows excluding money-market funds, separating active and passive strategies and breaking flows down by equity, fixed income, multi-asset and alternatives. It then applies the same data set to selected asset managers and insurers, comparing August with July and noting the portion of reported AuM represented by the data.
Methodology notes
Fund-flow tracking by strategy, asset class and manager
The report treats net subscriptions and redemptions as evidence of investor demand for active, passive and asset-class strategies, then compares those demand signals across markets and companies.
Net flows as a percentage of beginning AuM, annualised
The report uses absolute net flows and annualised flows relative to beginning assets to compare flow intensity across managers of different sizes.
Asset mapping & comparison
Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).
- Aberdeen Group PLC (ABDN.L)Tracked asset manager with improved monthly fund flows.
- Strengths
- £0.7bn of net inflows, including £0.6bn of passive inflows.
- Comparison
- Improved from £0.3bn of outflows in July.
- Risks
- Morningstar coverage is only a sub-segment of reported AuM.
- Amundi (AMUN.PA)Tracked asset manager with stronger monthly inflows.
- Strengths
- €8bn of net inflows, with €6.6bn in passive strategies and €4.5bn in passive equity.
- Comparison
- Up from €6bn in July.
- Risks
- Morningstar data exclude institutional mandates and money-market funds.
- DWS Group (DWSG.DE)Tracked asset manager with positive but lower monthly inflows.
- Strengths
- €6bn of net inflows; €5.2bn in passive strategies.
- Comparison
- Down from €7.9bn in July.
- Risks
- Morningstar coverage represents only a sub-segment of reported AuM.
- Man Group (EMG.L)Tracked asset manager with positive flows led by active fixed income.
- Strengths
- $0.75bn of active-fixed-income inflows supported total inflows.
- Comparison
- Total inflows of $0.5bn were below July’s $0.9bn.
- Risks
- Morningstar data are a proxy for retail flows and may be less representative of managers with greater institutional exposure.
- Ashmore Group (ASHM.L)Tracked emerging-markets asset manager.
- Strengths
- $0.3bn of inflows.
- Comparison
- Slightly above $0.2bn in July.
- Risks
- Morningstar captures only about 8% of its reported AuM.
- Ninety One (N91.L)Tracked asset manager and the only named manager with August net outflows.
- Weaknesses
- £0.4bn of net outflows.
- Comparison
- Worse than muted flows in July.
- Risks
- Morningstar data exclude institutional mandates and may not reflect total group flows.
- Legal & General Group PLC (LGEN.L)Tracked insurer and asset manager with positive August net flows.
- Strengths
- Continued net inflows in August.
- Weaknesses
- Monthly inflows declined because of multi-asset funds and other assets.
- Comparison
- The report expects long-term growth to remain limited despite the positive August outcome.
- Risks
- Continued net outflows in LDI and index funds could offset higher-margin strategy inflows.
- M&G plc (MNG.L)Tracked insurer and asset manager with improving flow momentum.
- Strengths
- Net flows turned positive, driven by active fixed income; the report expects positive FY26E flows supported by momentum and the Dai-ichi partnership.
- Comparison
- Flows turned positive in August.
- PIMCO (Allianz)Tracked asset manager within Allianz.
- Strengths
- Continued to record net inflows in August.
- Weaknesses
- Inflows declined month on month as active-fixed-income flows fell.
- Risks
- Morningstar data do not capture all assets or institutional mandates.
Key data
- Europe long-term net flows€91bn (6.3% of AuM annualised)August 2026; down from €114bn in July.
- Europe active net flows€33bnDown from €58bn in July; the principal cause of the regional slowdown.
- Europe passive net flows€58bnBroadly stable versus €56bn in July.
- US long-term net flows$99bn (2.8% of AuM annualised)August 2026; down from $111bn in July.
- US passive net flows$106bnDown from $130bn in July.
- US active net flows-$7bnAn outflow, but improved from -$18bn in July.
- Amundi net flows€8bnUp from €6bn in July; €6.6bn came from passive strategies.
- DWS net flows€6bnDown from €7.9bn in July; €5.2bn came from passive strategies.
- Aberdeen net flows£0.7bnImproved from £0.3bn of outflows in July.
- Man Group net flows$0.5bnDown from $0.9bn in July; active fixed income contributed $0.75bn.
Impact & implications
The report indicates that August’s aggregate slowdown did not translate into uniformly weak manager-level outcomes: passive flows remained an important support in Europe, while fixed income supported US flows and certain firm-specific results. For insurers, the report differentiates the encouraging latest monthly data from its longer-term concern that L&G’s LDI and index-fund outflows could constrain asset growth.
Risks
- Morningstar captures only a portion of each manager’s reported AuM, ranging from about 8% for Ashmore to about 59% for DWS.
- The data cover open-ended mutual funds only and exclude institutional mandates, so they are primarily a proxy for retail flows.
- Long-term net-flow figures exclude money-market funds.
- JPMorgan expects continued LDI and index-fund outflows to limit Legal & General’s long-term asset growth.