France-based Lyxor Asset Management SAS saw withdrawals of $7.3 billion at its exchange-traded fund arm in the seven months to July, which the unit head attributed to a wider retreat from stock markets in Europe, the Financial Times reported.
Arnaud Llinas said the outflows, which happened amid news of a potential sale of Lyxor by parent Société Générale SA, did not reflect uncertainty about the future of the ETF business, according to the report. The withdrawals could impact the sale price of Lyxor, the FT noted, but an analyst told the newspaper that selling the French asset manager could help Société Générale strengthen its capital position.
ETF market observers believe that Amundi SA, UBS Group AG, JPMorgan Chase & Co. and DWS Group GmbH & Co. KGaA would be interested in Lyxor, according to the report.
The $7.3 billion figure marks the largest outflows at any ETF provider globally year to date, based on data revealed by London-based research firm ETFGI, the FT reported.
