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Alternative Market Briefing

Global institutional assets under management reach $26.9tn in Q4 2019

Friday, February 28, 2020

Laxman Pai, Opalesque Asia:

Traditional asset managers reported institutional assets under management of $26.9 trillion through Q4 2019 to eVestment.

According to the report by eVestment, net institutional flows totaled -$59.4 billion in the most recent quarter and -$210.7 billion over the full year 2019.

Although institutional flows for long-only strategies were consistently negative in aggregate throughout the year, this was still a marked improvement over redemptions of -$470.1 billion in 2018.

Institutional investors withdrew -$10.2 billion from passive U.S. equity and -$18.4 billion from passive non-U.S. equity strategies in the final quarter of 2019.

Passive Russell 1000 Growth products managed to take in net allocations of +$3.0 billion (and Russell 1000 +$53 million), but all other passive U.S. equity strategies posted net outflows including those tied to the S&P 500.

Similarly, passive global equity products had net inflows of +$537 million, but all other passive non-U.S. universes registered redemptions.

Active equity strategies experienced net institutional redemptions totaling -$158.8 billion in Q4 2019. The active U.S. equity space continued to see significant outflows (-$91.7 billion).

However, outside of the U.S., we did see support for global and ACWI ex-U.S. all-cap growth, global large-cap, and China equity (both Hong Kong and A-shares) strategies.

Fixed income managers, excluding cash management strategies, reported net institutional inflows of +$39.2 billion in Q4 2019.

U.S. fixed income strategies saw the largest allocations led by active core, core plus, and long duration fixed income strategies ($11+ billion each in Q4). U.S. short duration fixed income, bank loan, and passive products were the few areas to see redemptions.

Across non-U.S. fixed income, passive global bonds (+$11.9 billion), buy-and-maintain credit (+$4.8 billion), and multi-asset credit (+$3.6 billion) strategies saw the greatest investor support in Q4.

At the other end of the spectrum, active EM debt managers saw significant outflows during the quarter.

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