However, bond funds registered their first collective net outflows for the first time since 2011, amounting to €12bn, a fact EFAMA attributed to “uncertainty about bond market developments” during the quarter.
Net inflows into UCITS (Undertakings for Collective Investments in Transferable Securities) funds across the European Union totalled €34bn in the quarter ended on 30 Sept, from €12bn in the three months to the end of June.
So-called long-term UCITS – that is, UCITS excluding money market funds – registered net inflows of €43bn in the third quarter, down 33% from the previous quarter’s €65bn.
Net sales of equity funds, meanwhile, saw a return to positive territory in the three months ending in September, with inflows of €30bn. This followed a quarter of outflows of €9bn.
Other key flow data, according to EFAMA:
- Net inflows to balanced funds continued to attract strong net inflows (€20bn), although this was down 28%, from €28bn, in the second quarter, EFAMA noted
- Outflows from money market funds fell to a sixth of what they were in the second quarter, to €9bn from €53bn
- Total net assets of UCITS grew by 3% during the third quarter to stand at €6.69trn at the end of September, with net assets of equity funds showing the greatest asset increase (7.8%)
EFAMA is the representative association for Europe’s investment management industry. Its 27 member associations and 60 corporate members account for about €15trn in assets under management, of which €9.2trn was being managed by more than 55,000 investment funds at the end of June. Of this amount, around 65% were UCITS funds.
|
Quarterly Net Sales of UCITS |
||||||
|
2012 Q1 |
Q2 |
Q3 |
Q4 |
2013 Q1 |
Q2 |
Q3 |
|
€95bn |
€8bn |
€20bn |
€78bn |
€132bn |
€12bn |
€34bn |
|
Quarterly Net Sales into Bond Funds |
||||||
|
2012 Q1 |
Q2 |
Q3 |
Q4 |
2013 Q1 |
Q2 |
Q3 |
|
€50bn |
€42bn |
€50bn |
€61bn |
€44bn |
€30bn |
-€12bn |
Source: EFAMA
