The European Fund and Asset Management Association reported sales of long-term Ucits – by which it means Ucits funds that are not money market funds – at €41bn for the second consecutive month running.
The reason for Net Ucits inflows in March of €38bn falling from €44 billion in February was attributed to a turnaround in net flows of money market funds, the association said.
Peter de Proft, director general of EFAMA, said:“Despite renewed uncertainties caused by the bail-out package for Cyprus, total net sales of Ucits and non-Ucits remained in March at the same high level as in February, highlighting investor confidence about investment prospects.”
Bond funds recorded net sales of €15bn, up from €13bn in February, equity sales fell €5bn to €9bn, while balanced fund sales rose €4bn to €13bn.
Money market funds experienced a turnaround in net sales in March to register net outflows of €2bn, compared to net inflows of €4bn recorded in February.
Total non-Ucits reached €18bn, up from €12bn in the previous month, while special funds – funds reserved to institutional investors – recorded increased net inflows of €15bn, up from €9bn in the previous month.
The amount of assets invested in Ucits grew 2.3% to €6,697bn at end March 2013 and total assets of non-Ucits increased 1.9% to stand at €2,644bn.Overall, total net assets of the European investment fund industry stood at €9,341bn.
