2020 passive fund flows were the winners in the US while active fund flows were the winners in Europe. In the US, passive fund flows stood at €354bn twice the level of total US flows. In Europe, active fund flows represented 59% of total flows at €235bn (Source Morningstar Dec 2020).

For equity flows, active funds were the winner in Europe while passive funds won in the US. In Europe, equity active funds gathered €119bn vs €93bn for passive funds. In the US, passive equity funds saw €91bn of inflows vs €309bn of outflows for active funds.

For Fixed income flows, active funds were the winner both in Europe and in the US. In Europe, fixed income active funds gathered €111bn vs €60bn for passive funds. In the US, passive fixed income funds collected €210bn vs 226bn of outflows for active funds.

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