Retail fund sales hit highest level since 2021
- Equity funds: ETFs account for almost 90 per cent of net inflows
- Balanced fund net sales more than double
- ETF assets rise to EUR 609 billion
Fund companies attracted net inflows of EUR 112.5 billion in the first nine months of 2026. Open-ended retail funds drew EUR 75.5 billion, their highest level of net sales since the record year of 2021, when inflows reached EUR 85.8 billion in the first nine months. Equity fund inflows rose to EUR 57.3 billion from EUR 37.0 billion a year earlier. Equity ETFs accounted for EUR 49.8 billion of this year’s total. Balanced fund sales more than doubled to EUR 6.1 billion from EUR 2.8 billion in the first nine months of 2025. Bond fund inflows fell to EUR 14.7 billion from EUR 26.7 billion a year earlier, while money market fund inflows declined to EUR 3.9 billion from EUR 6.5 billion. Property funds saw net outflows of EUR 5.1 billion, compared with net redemptions of EUR 5.7 billion a year earlier. Inflows into open-ended Spezialfonds rose to EUR 39.3 billion from EUR 26.0 billion.
Fund companies manage EUR 5,183 billion in assets for investors in Germany, up almost 7 per cent from EUR 4,852 billion at the start of the year. Open-ended Spezialfonds for institutional investors make up the largest segment, with assets of EUR 2,379 billion. Pension and retirement schemes account for EUR 838 billion and insurers for EUR 542 billion. Open-ended retail funds hold EUR 2,073 billion, discretionary mandates EUR 665 billion and closed-ended funds EUR 66 billion.
Equity funds are the largest retail fund category, with assets of EUR 1,118 billion. Their share of retail fund assets has risen to 54 per cent from 50 per cent a year earlier. Equity ETFs alone hold EUR 517 billion. Across all asset classes, ETF assets total EUR 609 billion. Balanced funds hold EUR 418 billion, followed by bond funds at EUR 309 billion. Property funds have net assets of EUR 106 billion, while money market funds hold EUR 67 billion.
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