The firm saw AUM grow 23% in 2016, the best in the peer group, as a result from the decline of sterling which boosted its exporting of financial services.
Deutsche Bank Asset Management’s total AUM fell 5% over the year with outflows of €41bn, which Moody’s attributed to the struggling reputation of the Deutsche Bank brand.
The 2016 update on European asset managers found the group of companies grew its combined assets under management by 7.9% in 2016, but warned the overall outlook for the sector is negative.
The ratings agency said the increasing move into passive products, fee pressures and regulatory pressures from the likes of the FCA were significant tail risks to the industry.
In its report, ‘2016 update: Resilient markets counterbalance weak organic growth’, Moody’s senior analyst Marina Cremonese, said: “Despite financial market turbulence, the group of companies we surveyed managed to increase total assets under management in 2016.
“However, organic growth, as measured by net fund inflows, was flat and many managers, particularly independent and bank-owned operators, experienced net outflows.”
Net flows for the asset managers were positive overall at €32.9bn, equivalent to 0.4% of AUM at the beginning of the period, but sharply lower than the €242bn collected in 2015. Eleven of the 21 managers surveyed reported net outflows.
