European mutual fund managers outsold their U.S. peers more than 2 to 1 last year, according to Feri Fund Market Information. The Europeans brought in a total of €365 billion compared with €170 billion in the U.S., which has the larger, more mature market. Feri suggests that changes to international accounting standards and significant institutional investments by means of retail products contributed to the growth. But, Bella Caridade-Ferreira, editor at Feri, told Portfolio International, “The disappointing equity funds sales in the U.S. could be a question of confidence. The 2005 total is down on results for 2003 and 2005. But the return to equities in Europe is set to continue. This could be a turning point for the markets.” Fund firms based in Dublin and Luxembourg accounted for most of the sales, Feri found.
