Geopolitical uncertainty promoted investors to pull €38 billion ( net outflows) from European investment funds in March 2026, according to data from the European Fund and Asset Management Association ( Efama).
The loss followed net inflows of €143 billion in February and was driven mainly by Ucits funds, which lost €41 billion compared with inflows of €136 billion a month earlier, shared the Brussels-based trade body representing Europe’s investment management industry in Europe.
Long-term Ucits funds, excluding money market funds, lost €25 billion in March after attracting €117 billion in February. Equity, bond and multi-asset funds all witnessed outflows, losing €11bn, €15bn and €2bn respectively.
Despite the broader loss, Ucits ETFs gained €14 billion of net inflows during the month, down from €49 billion in February.
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Ucits money market funds also lost €17 billion compared with inflows of €19 billion in the previous month.
Alternative investment funds (AIFs) attracted €3 billion of net inflows, but lower than the €7 billion recorded in February.
Total net assets of Ucits and AIFs fell 3.4% to €25.4 trillion.
Thomas Tilley, deputy director of research and senior economist at Efama, said: “As the war with Iran disrupted global capital markets and weighed on investor sentiment, Ucits fund flows turned negative in March. However, net outflows amounted to only around 0.2% of net assets, suggesting that investor confidence remained broadly resilient.”
