Asset managers that recorded the highest European inflows in 2025
Updated:
5 FEB, 2026
By Jose Luis Palmer from RankiaPro Europe
2025 confirmed the resilience of the European asset management industry, with investors continuing to allocate capital despite macroeconomic and geopolitical uncertainty. According to Morningstar Direct data, European open-ended funds and ETFs recorded total net inflows of EUR 696.3 billion in 2025, up from EUR 612.7 billion in 2024. Passive strategies remained a key driver, but active bond managers also benefited from renewed investor interest.
Managers with strong passive offerings dominated the inflow rankings, although several active houses stood out thanks to robust demand for fixed-income strategies.
The ranking of the asset managers that recorded the highest net inflows in 2025 offers a clear picture of where European investors concentrated their allocations.
Which are the European asset managers who recorded the highest inflows last year?
Among fund providers, BlackRock / iShares once again dominated the European market, ranking first in terms of net inflows. The group attracted EUR 97.5 billion in 2025, driven primarily by passive strategies, further consolidating its leadership in ETFs and index funds across Europe.
In second place, Amundi gathered EUR 48.4 billion in net inflows during the year, supported by continued demand for both ETFs and traditional index strategies. The French asset manager strengthened its position as the leading European-headquartered provider.
DWS / Xtrackers completed the podium, with EUR 44.8 billion of net inflows in 2025, reflecting strong investor appetite for its ETF range as well as fixed-income solutions.
Active bond specialists also featured prominently. Pimco, for example, benefited from the surge in demand for actively managed fixed-income products, attracting EUR 36.8 billion in net inflows during the year.
Asset Manager: Top providers in Assets as of the End of Q4 2025
| Ranking | Asset Manager | Net Flow 2025 (EUR Billion) |
|---|---|---|
| 1 | BlackRock / iShares | 97.5 |
| 2 | Amundi | 48.4 |
| 3 | DWS / Xtrackers | 44.8 |
| 4 | Vanguard | 36.9 |
| 5 | Pimco | 36.8 |
| 6 | HSBC | 35.8 |
| 7 | State Street | 19.9 |
| 8 | Invesco | 17.1 |
| 9 | Schroders | 13.8 |
| 10 | JP Morgan | 13.4 |
