Active investment managers have no option but to adopt hedge fund strategies to counter the migration to low-cost passively run portfolios, according to an outperforming French asset manager https://t.co/GqDCpSZ4Ic ...

J P M O R G A N Global Markets Strategy 27 June 2025 EM Money Trail Passives continue to pour in while actives stay away EM equity inflows decelerated substantially to +$680mn from strong inflows of +$4.1bn last week. However, flows continue to be driven by ETF subscriptions of +$2.2bn this week, after a record +$5.0bn last week. Meanwhile, non-ETFs continued to see persistent sell-off (-$1.5bn, -$904mn last week). Among regional funds, GEMs saw inflows of +$1.5bn, but Asia ex-Japan saw outflows of -$881mn. ...

Financial Data and Key Metrics Changes - The company reported a net inflow of $1.5 billion in April, with trends improving in May, despite a challenging environment for U.S. markets [5][7][9] - Operating income grew by 18% year-over-year in the first quarter, with a four percentage point expansion in margins [44] Business Line Data and Key Metrics Changes - Fixed income mandates continue to perform well, particularly in Europe, contributing to the positive net flows [6][9] - Active equity remains a significant revenue source, accounting for over 35% of total revenues, but faces challenges in outperforming benchmarks [25][26] Market Data and Key Metrics Changes - The company has approximately $275 billion in client assets in Asia, with Japan showing significant growth, managing $80 billion, double the amount from four years ago [12][13] - The EMEA region reported $14 billion in flows in the first quarter, with a mix of fixed income and ETFs driving performance [42] Company Strategy and Development Direction - The company aims to simplify and streamline its business while focusing on core activities and markets, particularly in Asia and India [20][21] - The strategic focus includes enhancing the active equity segment and expanding the ETF business, which has shown strong growth [45][49] Management's Comments on Operating Environment and Future Outlook - Management noted that cash on the sidelines remains high, with 20-25% of private wealth clients holding cash, indicating potential for future investment [4][78] - The company is optimistic about the growth potential in Asia, particularly in China, driven by demographic changes and government reforms [12][16] Other Important Information - The company has adopted a hybrid approach for its Alpha platform, which is expected to reduce implementation time and maintain cost efficiencies [87][88] - The partnership with Barings is aimed at expanding alternative credit strategies, leveraging both firms' strengths [55][60] Q&A Session Summary Question: What are the key drivers of your outperforming inflows compared to other players? - The company attributes its success to strong relationships and a long-standing presence in European and Asian markets, which have led to positive inflows despite challenges in the U.S. [8][9] Question: How is the active equity segment performing amid market volatility? - Active equity is crucial for the company, but it faces challenges as managers need to perform in the top quartile to attract and retain clients [25][26] Question: What is the outlook for the ETF business? - The ETF business is expected to continue growing, with the potential for active ETFs to reclaim some market share from passive investments [49][50] Question: How does the company plan to manage expenses moving forward? - The company has successfully reduced expenses while investing in growth areas, and it aims to continue finding operational efficiencies [91][92] Question: What are the capital allocation priorities? - The company plans to focus on investing back into the business, maintaining a payout ratio between 40-60%, and is open to share buybacks as opportunities arise [106][110]

2024 年全球金融市场动荡不断：主要发达市场的货币政策发生重大转向，技术革新催生新的投资 热潮，特朗普胜选、韩国政坛动荡等政治事件也在持续影响投资者信心和市场波动…… 尽管面临诸多挑战，全球投资者的热情却未因此减退，依然借道基金积极寻找着新的投资机会、 对家庭资产进行配置。 晨星最新发布的 《晨星全球公募基金及中国主题基金资金流观察》 报告显示， 2024年全球共同 基金与ETF共吸引了近2.98万亿美元的净流入资金，推动全球公募基金管理规模突破60万亿美 元，较2015年翻倍增长。 与此同时，全球基金市场的格局正随着投资者偏好的转变而悄然重塑。 2024年，ETF不仅在中国市场备受追捧，全球范围内也迎来了 "史诗级"胜利——全年净流入资金 高达1.7万亿美元，创下历史新高。 使用低成本、高透明度工具进行投资和配置，已经渐渐成为 全球投资者的共识。 在经历了连续三年遭遇净赎回后，主动基金也在 2024 年重新获得投资者的喜爱，全年获得681亿 美元的净流入。 尽管如此，从市场份额的变化来看，被动基金势不可挡，主动基金依然面临着日益严峻的挑战。 从全球的维度来看，被动基金的市场份额从 2015 年的 23% ...