Stephanie Guild

from investors with historical own bias towards Europe that has to be rectified.

But then on the flip side, from a more tactical perspective, there is this desire to diversify and remain exposed to the AI trade and to the US, but with some form of protection.

And so we've seen last year the great repatriation trade with nearly 92 billion of flows going back into European equities ETPs.

If you compare it to the period 2014 to 2024, that was 94.

So it's basically a decade in a year.