Financial overview of Investment Funds – France - 2024-Q4
Published on the 3rd of April 2025
Outstanding amounts of money market funds remain high in 2024 despite lower interest rates
- In 2024, investment flows into French money market funds rose very slightly (+€4 bn, see below G1-F), despite the decline in interest rates that began in mid-year. Their consolidated assets under management increased by €16 bn to €414 bn (see table p.2).
- Non-money market funds record net inflows of €67 billion over the year (see table p.2). Bond funds were favoured (+€42 bn) over mixed funds (-€12 bn) and, to a lesser extent, equity funds (-€4 bn, see G1). Inflows were also positive for real estate funds and employees' savings funds (+€1 bn and +€5 bn respectively). The remainder of flows not explained by the charts comes mainly from specialised professional funds.
Holdings of MMF shares: in 2024, the outstanding amounts of MMF shares held by resident other financial institutions, non-financial corporations and households increased by +€14 bn, +€13 bn and +€11 bn respectively, while at the same time those held by insurance companies fell by €23 bn, mainly in the 4th quarter (-€21 bn).
Changes in portfolio assets: in 2024, French money market funds mostly acquired short-term debt securities (+€21 bn), selling long-term ones
Holdings of non-MMF shares: over a sliding year, the main investors were resident MFIs (+€22 bn) and households (+€14 bn), as well as insurance companies (+€10 bn) through money-market fund arbitrages at the end of the year. For their part, public administrations sold for €10 bn. At the same time, non-resident euro area MFIs increased their holdings by +€14 bn.
Changes in portfolio assets: in 2024, French non-money market funds invested mainly in long-term debt securities (+€33 bn) and in equities (+€15 bn). Over the last quarter, they also acquired short-term debt securities for €12 bn. Those investments were largely directed towards non-resident issuers. (+€61 bn).
G1. Net subscriptions by type of funds (cumulative flows over 4 quarters - Billion €) ![]()
A - Equity funds
B - Bond funds
C - Mixed funds
D - Real estate funds
E - Employees' Savings funds
F - Money Market Funds
Investment funds assets and investors![]()
(EUR billion)
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q4 2024 | 4 moving quarters | Q4 2024 | Q4 2024 | Q4 2024 | 4 moving quarters | Q4 2024 | Q4 2024 | |||
| Non money market funds | Total | 35 | 67 | 1,683 | 100% | Total | 35 | 67 | 1,683 | 100% |
| by type of instrument | Debt securities up to 1 year | 12 | 10 | 36 | 2% | Resident | 28 | 53 | 1,507 | 90% |
| Debt securities over 1 year | 9 | 33 | 462 | 27% | Insurance corporations | 10 | 10 | 637 | 38% | |
| Equity | 12 | 15 | 663 | 39% | Households and NPSH | 3 | 14 | 328 | 20% | |
| Investment fund shares | 5 | 8 | 401 | 24% | Non money market funds | 4 | 5 | 194 | 12% | |
| Real estate assets | -2 | 0 | 94 | 6% | ||||||
| Net deposits and loans and other assets (b) | -2 | 0 | 27 | 2% | General Government | -20 | -10 | 163 | 10% | |
| by geographical area (c) | Resident | 8 | 6 | 752 | 48% | MFIs | 22 | 22 | 74 | 4% |
| Non-Resident euro area | 18 | 40 | 505 | 32% | Non-Financial corporations | 4 | 4 | 79 | 5% | |
| Non-Euro area | 12 | 21 | 306 | 20% | Other financial institutions | 5 | 8 | 31 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | 11 | 20 | 722 | 46% | Non-Resident euro area | 5 | 15 | 131 | 8% |
| MFIs | 3 | 4 | 215 | 14% | MFIs | 4 | 14 | 86 | 5% | |
| General Government | 15 | 16 | 134 | 9% | Non MFIs | 1 | 0 | 45 | 3% | |
| Others (e) | 9 | 26 | 492 | 31% | Non-Euro area | 1 | 0 | 46 | 3% | |
| of which non money market funds | 6 | 10 | 332 | 21% | ||||||
| Assets | Net flows (a) | Stocks Part (%) | Investors | Net flows (a) | Stocks Part (%) | |||||
| Q4 2024 | 4 moving quarter | Q4 2024 | Q4 2024 | Q4 2024 | 4 moving quarters | Q4 2024 | Q4 2024 | |||
| Money Market Funds (f) | Total | -6 | 16 | 414 | 100% | Total | -6 | 16 | 414 | 100% |
| by type of instrument | Debt securities up to 1 year | -13 | 21 | 289 | 70% | Resident | -12 | 6 | 304 | 74% |
| Debt securities over 1 year | 0 | -6 | 46 | 11% | Insurance corporations | -21 | -23 | 91 | 22% | |
| Investment fund shares | 1 | 1 | 2 | 0% | Non-Financial corporations | 11 | 13 | 79 | 19% | |
| Net deposits and loans and other assets (b) | 6 | 0 | 78 | 19% | Non money market funds | -2 | -4 | 76 | 18% | |
| by geographical area (c) | Resident | -6 | 13 | 165 | 49% | Households and NPSH | 0 | 11 | 18 | 4% |
| Non-Resident euro area | -7 | -7 | 98 | 29% | General Government | -2 | -4 | 19 | 5% | |
| Non-Euro area | 1 | 10 | 74 | 22% | Credit Institutions | -1 | -1 | 3 | 1% | |
| by issuer (c) | MFIs | -6 | 20 | 247 | 73% | Other financial institutions | 2 | 14 | 18 | 4% |
| Non-Financial corporations and others (d) | -9 | -9 | 44 | 13% | Non-Resident euro area | 5 | 6 | 101 | 24% | |
| Others (e) | -1 | -1 | 30 | 9% | MFIs | 5 | 6 | 94 | 23% | |
| General Government | 4 | 7 | 15 | 4% | Non MFIs | 0 | 0 | 7 | 2% | |
| Non-Euro area | 2 | 3 | 9 | 2% | ||||||
Note: As from this publication, real estate funds are integrated in data; Rounding differences mean that an aggregate may not be exactly equal to the sum of its components
Source: Banque de France
(a) Variation of outstanding amounts for Money Market Funds
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves
(g) Quarterly holdings data are provisional and will be revised next quarter
(b) net loans and net other assets include financial derivatives, non- financial assets and other receivables, net of other liabilities
(c) excluding loans and other net assets ; only securities portfolio
(d) Others added to Non-Financial Corporations include others Financial Institutions of the rest of the world (non MFIs as Insurance Corporations)
(e) Others : Non Money Market funds, Insurance and other Financial Institutions
(f) Consolidated Data: consolidated outstanding of money market fund shares or units do not include the resident securities held by money market funds themselves
(g) Quarterly holdings data are provisional and will be revised next quarter
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Updated on the 3rd of April 2025