Fixed-income ETFs lure the bulls, despite outflows

Although most market participants in Europe are bullish about the outlook for fixed-income exchange-traded funds, money has been withdrawn from this part of the blossoming ETF market this year. Mike Winfield investigates the reasons for this and the divergence from the experience of the US market


In a reversal of recent historical trends, flows into sovereign exchange-traded funds (ETFs) in Europe - which make up around half of the fixed-income market - have declined this year, as was the case for much of 2011.

According to Deborah Fuhr, partner at independent consultancy ETF Global Insight in London, there was $57 billion equivalent of fixed-income sector funds under management in European ETFs at the end of February, compared to an industry total of $339.4 billion, representing 16.8%

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