During June 2012, Ucits funds saw €33bn of outflows, largely down to €24.1bn coming out of money market funds. This compares to inflows of €21.7bn and €13.3bn respectively in May.
If money market funds are discounted from these figures, long-term Ucits funds saw outflows of €9bn, compared to inflows of €8bn in the previous month.
The total of Ucits assets accrued at the end of the month remained flat, up by just 0.3% to €5.87bn; the total for non-Ucits funds rose by 2.2%, to €2.38bn.
Drilling down to asset classes and bonds registered net inflows of €5bn, down from €20bn in May while equity funds continue to see money pour out of the door, at €9bn compared to May’s figure of €12bn.
Bernard Delbecque, director of economics and research at EFAMA, commented: “Uncertainty regarding policy actions to reduce tensions in several euro area bond markets caused caution amongst investors in June, prompting reduced demand for bond funds. The large net outflows of money market funds are partly due to cyclical end-of-quarter withdrawals.”
