Institutional Intelligence Quarterly Report

Released June 2021

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  • The net institutional flow for non-cash strategies was positive in Q1 2021 for the first time since Q1 2018, ending a nearly three year stretch of net outflows, while net flows for cash management strategies were negative for a third consecutive quarter.
  • There was a rebound of interest in US Passive Equity in Q1 2021 and strong net demand for US Core and Short Duration Fixed Income, active and passive approaches for both categories.
  • Net outflows were concentrated in US Large Cap Equity, but also appearing in Global Core Equity and in a few US and Global Fixed Income segments.
  • Consultants around the world, primarily outside the US, showed large or highly increased interest in Global Core and Emerging Markets Core Equity strategies, while asset owners in the US and Canada showed large and increased interest to Global EM All Cap Equity strategies.
  • While asset owners in EMEA and APAC shared similar interests in Global Large and All Cap Equity strategies, there were large amounts of interest in Global EM Fixed Income from within Germany, Saudi Arabia and Singapore.
  • There were three Emerging Markets universes among the five most positively trending in Q1 2021, with two of them being EM Fixed Income strategies. The largest influences for these products appears to be coming from the Middle East.

Regional Supplements

Total net flow for EMEA managers, excluding cash management strategies, was firmly positive in Q1 for a second consecutive quarter. Prior to Q4 2020, EMEA firms had been experiencing mostly large net outflows since Q2 2018. For EMEA firms, the largest inflows were to domestic fixed income (Nordic) and Global Sector Focus Equity strategies. There is also meaningful interest in their China Equity strategies as well.

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Total net flow for APAC managers, excluding cash management strategies, was positive in Q1 2021 for a third consecutive quarter. APAC investors’ largest net flows were around Global All Cap Growth Equity and Global Multi-Sector Fixed Income products, while APAC-domiciled firms saw the largest net flows around Global Government and Global Passive Fixed Income strategies.

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