1、European Asset Managers:2025 Q2Private-market firms face intensified challenges amid rising uncertainty.M A Y 2 0 2 5Table of ContentsMorningstar Equity ResearchImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Pol

2、icy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ Scholtz,CFASenior Equity Analyst,EuropeSvetlana MenshchikovaAssociate Equity AnalystI N D U S T R Y P U L S E|E U R O P E A N A S S E T M A N A G E R SExecutive SummaryTraditio

3、nal Asset Managers:Industry Traditional Asset Managers:FirmsPrivate-Market ManagersTop Picks:DWS and Partners GroupIndustry Coverage3816222931I N D U S T R Y P U L S E|E U R O P E A N A S S E T M A N A G E R SExecutive SummaryMorningstar Equity Research|4See Important Disclosures at the end of this

4、report.Money Market Funds1-month EURIBORMar-22Jul-22Nov-22 Mar-23Jul-23Nov-23 Mar-24Jul-24Nov-24 Mar-25-20-1001020%-5-2025%12-months Trailing Organic Growth Rate1-month EURIBORMar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25703503570EUR billionTraditional Asset Managers Should Benefit From Act

5、ive Flows Recovery and Lower Interest RatesK E Y T A K E A W A Y SSource:Morningstar Direct.Data as of March 2025.Includes European open-end and exchange-traded funds excluding money market,fund of funds,and feeder funds.Active Fund Flows Show Signs of a(Modest)RecoveryEuropean active funds(nonindex

6、 funds)monthly net flows.Lower Rates Should See Reallocation From Money Market to Higher-Fee ProductsIf interest rates decline as expected,we foresee investors looking for higher returns in other asset classes.As most products carry higher fees than money market funds,this would be a positive develo