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[LONDON] The number of mutual fund products available to investors in Europe fell by 213 funds in the September quarter as closures and mergers outstripped launches, data from Lipper showed.
The industry launched 429 new funds during the quarter but liquidated 324 and merged 318 during the period, it said in a note.
"Since consolidation in the European fund industry has not yet finished, we expect to see more funds closed or merged over the next few years, said Detlef Glow, head of Lipper EMEA Research.
"The industry may now be lifting synergies within product ranges by merging funds with similar investment objectives to increase the profitability of the funds," he added.
Mutual fund offerings have shrunk by more than 500 funds in Europe this year even as the industry has seen net inflows worth 317.7 billion euros (US$393.82 billion) through September.