Franklin Templeton, M&G and Pimco are no longer among the top 10 largest asset managers in Europe following a period of underperformance and continued outflows.
Emerging markets group Franklin Templeton was the third largest fund house in Europe by assets under management in 2013, but has now dropped to 15th position, the Financial Times reports. Last year the firm was the worst selling fund manager globally.
Pimco dropped from ninth position in 2013 to 18th at the end of 2016, with outflows accelerating following star manager and co-founder Bill Gross’s departure in September 2014, while M&G fell from 10th position to 23rd, according to Morningstar.
Philip Kalus, managing partner of asset management consultancy Accelerando Associates, told the FT: “The past three years have seen quite some dramatic changes in the [asset manager] leader boards.
“Many very well-established [asset managers] have suffered very significant outflows, while a number of boutique fund managers have garnered very impressive flows.”
Amundi, Credit Suisse and Nordea are new entries in the top 10 list, which considers the assets under management in open-ended and exchange-traded funds.
A spokesperson for M&G said: “M&G’s business in Europe expanded very rapidly in the early part of this decade so it is natural that growth would slow at some point. “Following the shift in market sentiment towards the end of last year and a significant improvement in our funds’ performance, we have seen a strong renewal in interest from our European clients.”