Financial overview of Investment Funds – France - 2025-Q1
Published on the 7th of July 2025
Outstanding amounts of money market funds tend to stabilise following lower interest rates
- The decline in short interest rates had a negative impact on investment in money market funds shares, with net redemptions of €26 bn over the year (cf. G1). Their consolidated assets under management fell by €7 bn (see table p.2), to €415 bn.
- Non-money market funds record net inflows of €86 bn over one year (see table p.2). Bond funds were favoured (+€47 bn) over mixed funds (-€11 bn) and equity funds (-€7 bn, cf. G1). The flows not explained by the charts mainly concern specialised professional funds.
Holdings of MMF shares: over a sliding year, investment by non-financial corporations (+€12 bn), non-money market funds and other financial institutions (+€5 bn each) and households (+€3 bn) did not offset the disinvestment by insurance companies (-€27 bn), and non-residents (-€4 bn).
Changes in portfolio assets: over the year, French money market funds acquired short-term debt securities (+€6 bn), sold long-term ones (-€8 bn) and reduced their deposits and other net assets (-€5 bn).
Holdings of non-MMF shares: over a sliding year, the main investors were resident MFIs (+€30 bn), other financial institutions (+€20 bn), insurance companies (+€15 bn) and households (+€13 bn). For their part, public administrations renewed the disposals initiated at the end of 2024 (-€8 bn over the quarter, -€20 bn over the year), unlike non-residents, whose purchases continued to increase (+€9 bn over the quarter, +€16 bn over the year).
Changes in portfolio assets: over a sliding year, acquisitions of long-term debt securities continued (+€10 bn) to reach +€36 bn, in line with the increase in bond fund inflows. Purchases of short-term debt securities (+€18 bn) exceeded those of equities (+€16 bn). Non-resident issuers received a large proportion of these investments (+€69 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 Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q1 2025 | 4 moving quarters | Q1 2025 | Q1 2025 | Q1 2025 | 4 moving quarters | Q1 2025 | Q1 2025 | |||
| Non money market funds | Total | 18 | 86 | 1,714 | 100% | Total | 18 | 86 | 1,714 | 100% |
| by type of instrument | Debt securities up to 1 year | 6 | 18 | 43 | 3% | Resident | 9 | 70 | 1,528 | 89% |
| Debt securities over 1 year | 10 | 36 | 471 | 27% | Insurance corporations | -1 | 15 | 637 | 37% | |
| Equity | -4 | 16 | 673 | 39% | Households and NPSH | -6 | 13 | 332 | 19% | |
| Investment fund shares | -2 | 11 | 401 | 23% | Non money market funds | -1 | 8 | 194 | 11% | |
| Real estate assets | 2 | 1 | 96 | 6% | ||||||
| Net deposits and loans and other assets (b) | 7 | 4 | 32 | 2% | General Government | -8 | -20 | 156 | 9% | |
| by geographical area (c) | Resident | -3 | 12 | 767 | 48% | MFIs | 10 | 30 | 84 | 5% |
| Non-Resident euro area | 5 | 40 | 516 | 33% | Non-Financial corporations | 4 | 4 | 83 | 5% | |
| Non-Euro area | 9 | 29 | 304 | 19% | Other financial institutions | 11 | 20 | 42 | 2% | |
| by issuer (c) | Non-Financial corporations and others (d) | 2 | 24 | 727 | 46% | Non-Resident euro area | 0 | 10 | 131 | 8% |
| MFIs | 2 | 8 | 225 | 14% | MFIs | -7 | 6 | 79 | 5% | |
| General Government | 7 | 25 | 140 | 9% | Non MFIs | 7 | 3 | 52 | 3% | |
| Others (e) | -1 | 24 | 494 | 31% | Non-Euro area | 9 | 6 | 55 | 3% | |
| of which non money market funds | -3 | 8 | 330 | 21% | ||||||
| Assets | Net flows (a) | Stocks Share (%) | Investors | Net flows (a) | Stocks Share (%) | |||||
| Q1 2025 | 4 moving quarter | Q1 2025 | Q1 2025 | Q1 2025 | 4 moving quarters | Q1 2025 | Q1 2025 | |||
| Money Market Funds (f) | Total | 1 | -7 | 415 | 100% | Total | 1 | -7 | 415 | 100% |
| by type of instrument | Debt securities up to 1 year | 5 | 6 | 294 | 71% | Resident | 14 | -2 | 319 | 77% |
| Debt securities over 1 year | 3 | -8 | 49 | 12% | Insurance corporations | 0 | -27 | 90 | 22% | |
| Investment fund shares | 0 | 0 | 1 | 0% | Non-Financial corporations | 6 | 12 | 85 | 20% | |
| Net deposits and loans and other assets (b) | -6 | -5 | 71 | 17% | Non money market funds | 4 | 5 | 80 | 19% | |
| by geographical area (c) | Resident | 2 | -2 | 166 | 48% | Households and NPSH | 0 | 3 | 18 | 4% |
| Non-Resident euro area | 6 | -4 | 104 | 30% | General Government | 2 | 0 | 22 | 5% | |
| Non-Euro area | 0 | 4 | 74 | 21% | Credit Institutions | -1 | -1 | 3 | 1% | |
| by issuer (c) | MFIs | 5 | 0 | 252 | 73% | Other financial institutions | 3 | 5 | 21 | 5% |
| Non-Financial corporations and others (d) | 6 | -5 | 50 | 14% | Non-Resident euro area | -11 | -5 | 89 | 21% | |
| Others (e) | 0 | -1 | 30 | 9% | MFIs | -10 | -5 | 84 | 20% | |
| General Government | -3 | 4 | 12 | 4% | Non MFIs | -1 | 0 | 5 | 1% | |
| Non-Euro area | -2 | 1 | 7 | 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 4th of July 2025