Jose Garcia Zarate, Giovanni Cafaro and Shannon Kirwin look back on 2025's biggest European fund market developments through the lens of asset flows. They offer their takes on the year's most and least surprising trends, from the rush into gold to investors' continued aversion to UK equities. And they dig into the market's diverging preferences when it comes to accessing equities versus bonds.

For even more detail on last year's asset flows, download the 2025 European Open Ended Fund and ETF Flows report here:

https://www.morningstar.com/en-uk/business/insights/research/european-open-ended-etf-flows