The world's largest asset manager, BlackRock, attracted a net €6.8 billion to its long-term, European-registered funds in October, far more than was gathered by rivals.
JP Morgan Asset Management took in a net €2 billion and Schroders gathered a net €1.1 billion in the month, according to data from research firm Lipper.
The inflows will help extend BlackRock's dominant market position. Thanks to fund sales, market growth and some large acquisitions, the US-based company has increased its assets under management to $4.1 trillion (€3 trillion).
BlackRock insists its size will not prevent it growing even larger. This week, the company's president, Robert Kapito, told a conference in New York: “I'm not afraid of the size, and we're not too big.”
In all, a net €16.4 billion flowed into European funds in October, according to Lipper's data, bringing the total for 2013 thus far to €167 billion.
©2013 funds europe