Equity promotion in Europe hits record high in Q4

The promotion of equities in Europe reached its highest level in Q4 2025 since we began analysing asset management advertising data in 2020, according to Fundamental Monitor

Key points:

• The promotion of equities in Europe increased from 2% in Q3 to 23% in Q4, the highest percentage seen since our records began in 2020.
• Fund promotion accounted for 30% of all European asset management advertising in Q4, up from 14% in Q3 2025.
• The number of asset managers promoting ETFs increased from 16 to 17 in Q4.

The promotion of equities in Europe, which was at 2% in Q3 2025, increased to 23% in Q4 2025, its highest percentage since we began analysing this data set in 2020, data by Fundamental Monitor shows. This high figure seen in Q4 is mainly due to an extensive campaign by Allianz Global Investors.

Meanwhile, the promotion of fixed income increased from 13% to 26% and the promotion of ESG rose from 1% to 9% in the region. However, the promotion of ETFs dropped by 1% to 3% in Q4, with multi asset promotion remaining at 0%.

When analysing ad purpose in the region, fund promotion accounted for 30% of all European advertising in Q4, up from 14% in Q3. The promotion of insights dropped from 30% to 23% and brand campaigns dropped from 54% in Q3 to 48% in Q4.

Despite the increase in equities promotion in the region, the number of active advertisers for this asset class only increased by one in Q4 (to 21 advertisers). The number of asset managers actively promoting multi asset and ESG remained the same for Q4 as they did for Q3 (6 and 10, respectively). Fixed income dropped by one (to 16 in Q4), and ETFs increased by one (to 17 in Q4).

Data from Alphix Solutions shows that, despite only a small proportion of advertising is dedicated to promoting ETFs, ETF-related material on European asset managers’ websites remained the topic of greatest interest to investors, with engagement increasing toward the end of Q4.

Below are some examples of the type of campaigns that were in market in Europe during Q4 2025:

Equities – Allianz Global Investors

ETFs – Goldman Sachs Asset Management

Fixed income – MFS Investment Management