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The top 10 selling European fund boutiques in 2018

A rundown of the boutiques that have taken the most inflows across Europe this year.

Fast-growing fund houses

As boutique fund houses grow in popularity and gain increased recognition for their niche expertise, a large portion of the inflows over the first couple of months of 2018 have fed into groups with less than €25 billion in assets under management.

Here, we rundown the 10 boutiques that have received the biggest inflows into open-ended funds across Europe from the beginning of January 2018 to the end of April, according to data sourced from Morningstar Direct.

Note: A boutique is defined as an independent investment house with less than €25 billion in assets under management.

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Fast-growing fund houses

As boutique fund houses grow in popularity and gain increased recognition for their niche expertise, a large portion of the inflows over the first couple of months of 2018 have fed into groups with less than €25 billion in assets under management.

Here, we rundown the 10 boutiques that have received the biggest inflows into open-ended funds across Europe from the beginning of January 2018 to the end of April, according to data sourced from Morningstar Direct.

Note: A boutique is defined as an independent investment house with less than €25 billion in assets under management.

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10. Mandarine Gestion

Assets under management: €3.9 billion

Estimated new flows in 2018 so far: €534 million

Headquarters: France

Paris-based fund house Mandarine Gestion is among the top European boutiques to have attracted flows this year and drew the most assets of all boutiques in France this year.

Over the course of 2017, the group had net inflows of €102 million, while it has already drawn in €592 million in the two months to the end of February 2018.

A spokesperson for Mandarine said this has increased further and year-to-date inflows now sit at €615 million. Overall assets under management stood at €3.9 billion at the end of May, up from €3.2 billion at the end of 2017.

A large driver in the increase is due to the group’s partnership with Arkéa IS, its new minority shareholder, which is subscribed to existing funds, according to the spokesperson.

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9. Spiltan Funds

Assets under management: €4.7 billion

Estimated new flows in 2018 so far: €559 million

Headquarters: Sweden

Swedish investment group Spiltan Fonder has received more than half a billion in flows since the beginning of the year. Many of the incoming assets have gone into the credit funds, Spiltan Räntefond Sverige and Spiltan Högräntefond, as well as the Swedish equity fund Spiltan Aktiefond Stabil. The group’s range of funds was launched in 2002 and now comprises eight funds in total. 

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8. Sarasin & Partners

Assets under management: €15.5 billion

Estimated new flows in 2018 so far: €577 million

Headquarters: UK

London-based specialist asset manager Sarasin & Partners ranks among the top boutiques for its growth in assets this year. Over the past couple of years, the firm has expanded its product range with the launch of a systematic equity fund focused on the volatile eurozone market and grew its team with the hire of two for its systematic investment team. In the equity space, Sarasin & Partners specialises in global thematics, looking to identify inexorable trends.

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7. MainFirst  

Assets under management: €5 billion

Estimated new flows in 2018 so far: €627 million

Headquarters: Germany

Frankfurt-headquartered MainFirst is among the top boutiques attracting flows this year, accruing assets in its equity, fixed income and multi-asset funds, as well as within institutional mandates.

The group is known for its multi-asset range of strategies, which it recently expanded with the launch of an anti-consensus approach, the MainFirst – Contrarian Opportunities fund.

The firm saw a shake-up in its management last summer, with the departure of its CEO Andreas Haindl, who had been chief executive since 2013.

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6. Global Evolution

Assets under management: €8.0 billion

Estimated new flows in 2018 so far: €665 million

Headquarters: Denmark

Emerging and frontier market specialist boutique Global Evolution received well over half a billion euros in assets since the beginning of the year, putting it as one of the biggest drawers of inflows across Europe.

Global Evolution was founded in 2007 by CEO Soren Rump and CIO Morten Bugge, who both started working in the industry in 1995. The group has grown its assets under management from €5.8 billion at the end of December 2017 to €8.0 billion at the end of April. This is with inflows distributed broadly across the range of strategies, according to a spokesperson at the group.

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5. Lindsell Train

Assets under management: €15.6 billion

Estimated new flows in 2018 so far: €806 million

Headquarters: UK

London-based Lindsell Train was established in 2000 by Michael Lindsell and Nick Train (pictured) and focuses on the management of UK, global and Japanese equity mandates for institutional clients.

Attracting more than €800 million over the first four months of the year, the largest beneficiary has been the Lindsell Train Global Equity fund, followed by the UK equity fund then the Japanese equity fund.

However, a spokesperson for the group told Citywire Selector some pension fund and institutional clients had reduced allocations to the firm either due to re-balancing following strong performance or de-risking away from equities.

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4. Polar Capital

Assets under management: €13.7 billion

Estimated new flows in 2018 so far: €925 million

Headquarters: UK

Specialist active management group Polar Capital has attracted the fourth biggest inflows of all boutiques in Europe over the January to end of April period. The inflows come during a period of growing demand for differentiated, active equity funds, particularly in the thematic space, said a spokesperson at the group.

‘Polar Capital is also seeing some investors begin to switch from passive back to active in North American equities, as markets continue to climb the wall of worry and volatility returns,' a spokesperson said.

Amid strong flow figures, the group has expanded by establishing a new five-strong emerging markets team, it was revealed by Citywire earlier today.

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3. Fundsmith

Assets under management: €18.2 billion

Estimated new flows in 2018 so far: €1.0 billion

Headquarters: UK

Drawing in the third largest flows across European boutiques so far this year is UK group Fundsmith. The group was established in 2012 by Citywire AAA-rated Terry Smith (pictured) and has the majority of its assets in the Fundsmith Equity fund, which has a total AUM of €17.1 billion.

The flagship global equity fund is heavily invested in the US, with 61% of the portfolio and has a basket of 28 holdings, with a strong focus on the technology sector.

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2. Nykredit

Assets under management: €23 billion

Estimated new flows in 2018 so far: €1.0 billion

Headquarters: Denmark

Over the first couple of months of the year Danish group Nykredit Asset Management has received more than €1 billion of in flows across its whole range of strategies.

The fund house was established in 1983 and has focused on developing its abilities in the Danish bond market since the mid-1990s.

The asset management arm has also developed a sustainable investment policy as a continuation of its financial sustainability business concept to screen its portfolios.

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1. Algebris Investments

Assets under management: €14.5 billion

Estimated new flows in 2018 so far: €1.1 billion

Headquarters: UK

Attracting the largest inflows of all boutiques across Europe is Algebris Investments, which was founded by CEO Davide Serra (pictured) in 2006.

According to the group, the inflows which have seen the firm’s total AUM increase to €14.5 billion have been fairly evenly split between credit and equity investments.

The inflows are largely down to strong private banking relationships where the funds have been on recommended buy lists across Europe and Asia, a spokesperson said.

Algebris Investments is widely known for its expertise in contingent convertible bonds and hybrid debt securities. Recently, the group has expanded its expertise towards global credit and private strategies, including new macro and tail risk hedging strategies. In 2017, the group more than doubled its total assets under management from €5.2 billion to €11.2 billion.

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