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Laxman Pai, Opalesque Asia:

Total assets under management held by European money managers fell 1.5% to €10.4 trillion ($11.7 trillion) in the first six months of 2020, as markets rebounded following the COVID-19-related downturn, said a study.

According to Moody's Investors Service, a slump in financial markets in the first quarter was largely reversed in the second quarter with the help of central bank intervention and government stimulus.

The credit rating agency and financial research company said that it expects to keep its outlook for the money management industry in Europe at negative for the rest of the year.

"The positive performance of financial markets since the first quarter of the year means management fees and margins could recover in the second half of the year," said Marina Cremonese, a Vice President and Senior Analyst at Moody's.

"However, we remain cautious as market risk is still high given the slower than anticipated economic recovery from the initial coronavirus shock, as well as the strong resurgence of Covid-19 cases," Marina added.

The average EBITDA margin of independent asset managers within Moody's surveyed group fell to 27% during the first half of 2020, from 30% in the second half of 2019.

The decline reflects lower management fees during the period while costs remained broadly unchanged. Revenues for the surveyed group fell 9% relative to H2 2019, reflecting the sector's lower average AUM.

Notably, the c......................

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