Hey crew, this week we’re cutting through the noise and focusing on what actually moves creators forward.

No buzzwords, no sales. Just clear news and analysis: This week we’ve got:
- Flows looking like a Taylor Swit break-up album
- MMFs. The new black?
- Platforms on Married At First Sight
- Regulators slip a 5kg plate off your barbell.

Let’s dive in.

Investors have been dumping equity funds with the emotional commitment of a Love Island contestant on episode three.

Calastone’s latest data shows that October equity outflows hit the biggest on record, with £3.63bn yanked out in 30 days. That’s not a correction, that’s a full-blown situationship ending.

And it’s not just a bad month. The last three months are the worst since Calastone started recording flows 11 years ago. Equities are basically the Guy Fawkes of asset classes right now: explosive, unpredictable, and mostly avoided by sensible people.

FundFlow Take:

If your fund’s big selling point is “equities go up in the long run,” congratulations, you’re the crypto equivalent of “just HODL.” Time to sharpen the narrative, diversify wrappers, or build an MMF on-ramp so investors can emotionally process their trauma.

Rachel Reeves’ Autumn Budget has shaken up the ISA-landscape like the Christmas snowglobe you just got out of the attic.

The cash ISA limit is dropping from £20k → £12k for under-65s starting 2027. Translation: The government now wants savers to stop hoarding cash like they’re prepping for a zombie apocalypse and instead buy funds. Lots of them.

Markets noticed. Shares in AJ Bell, Abrdn, IG Group and friends jumped like contestants on The Traitors who suddenly realise they might win something.

Meanwhile, MoneyWeek has basically declared MMFs the new black, pointing out that money-market funds inside S&S ISAs are paying >4% — the financial equivalent of having your cake, eating it, and not paying tax on the crumbs.

FundFlow Take:

If you don’t have a cash-plus or MMF product ready for adviser portfolios, this is your “start a gym in January” moment. Huge demand incoming, and early movers will capture flows like Pokémon.

Big story: Deutsche Börse is in exclusive talks to acquire Allfunds. A €5.3bn deal that would combine market plumbing with Europe’s most powerful fund distribution network.

This is basically the Avengers Assemble moment for fund infrastructure. Allfunds already touches €1.7 trillion in assets. Now imagine that, but plugged directly into a major exchange operator.

Meanwhile:

FundFlow Take:

Platform consolidation means fewer gates but much bigger gatekeepers. If your fund can’t pass a DDQ without sweating, this is your villain-origin story.

Good news: The FCA is promising £100m+ per year in savings by simplifying MiFID, EMIR and SFTR reporting.

Bad news: Hedge funds asked the FCA if they could stop reporting altogether, and the FCA basically replied,

: “lol no.”

Specifically: without buy-side reporting, the regulator loses visibility on “more than half” of transactions — roughly the same proportion as Gen Z’s visibility after three espresso martinis.

Meanwhile in Europe, ESMA is sharpening knives for its next report on cross-border marketing under the CBDF regime. Expect more scrutiny on sustainability claims, performance messaging and consistency with fund documents.

FundFlow Take:

Marketing governance is becoming the “clean kitchen” of fund distribution — if you don’t have one, you won’t get invited to anyone’s platform dinner party.