A big chunk of our net flow has been into these two products. What has changed over time is that we have seen an interest in Europe because equities there have done very well, until the Greek crisis started taking its burden, and then we had China and all the uncertainty over the summer.
Another thematic fund to gain attention was our European Silver Age Fund, where silver age stands for people with grey hair.
We also launched a similar themed Hong Kong-based fund that has a global outlook, and that fund has started attracting money in Asia, which is a very interesting story people can relate to.
This fund is trying to play on the companies that do well because they are focusing on people who are older than 65, or in retirement age. But it is not only healthcare, it could be companies that have links to holidays, cruise companies or to certain companies that sell more cars to the elderly than younger people.
It is one that is currently attracting a lot of interest from clients in Hong Kong and elsewhere in Asia. I was there recently, and also in the Middle East, and this is a topic people can talk about. They can see why these companies will do well.
When I joined I was focusing on a few themes and spreading the news around the world, rather than having a different theme in every market where we are operating, and that is proven to be a good strategy for us.
Having said that, there are, of course, differences. In the Dutch market you don’t talk to the end clients directly because they buy mainly from banks, and your offering is not a multi-asset product because that’s what they do. Whereas in other markets, such as Italy, the main product we are selling is a multi-asset-type solution.
Another example is the Amundi Euro Aggregate Fund, a convertible bond fund, which is sold mainly in Europe.
One other development lies in the big entrance our distribution clients are making into money market solutions, something we have not seen for the past 10 years. It’s an asset class again.
Taking a two- or three-year view, can you give me an idea of any new markets, or any new products, you are looking to launch?
We’re looking at certain countries in Asia where we are not yet active and that depends a lot on the local legislation as to how you want to develop, so it is still under review.
Product-wise, the Asian population is a theme. And that will continue, not for the next couple of years but for the next decade – and that is something people will be able to relate to. People will look increasingly for solutions because, as has been proven again with events this year, it is not easy to make the right decisions as an investor.
