German retail fund sales are at their lowest half-year level for several years as figures suggest investors exhibit risk aversion.
Retail investors put just €3.8 billion of fresh capital in funds in the six months to June 30, compared to €45 billion in the same period last year.
2014 and 2013 also saw double-digit sales to retail investors.
BVI, the German funds trade body that published the figures, said there was demand for balanced funds with lower risk.
Balanced funds have been top of the retail sales chart for several years, though this year saw increased demand for balanced funds with higher exposure to bonds.
Overall sales in the first six months, including sales to institutional investors, are also down on last year. In the first six months of this year German investors put €49.6 billion of fresh capital into funds, compared to €110 billion in the first six months last year.
However, this year’s overall sales figure is more in line with figures for 2014 and 2013 rather than suggesting a sudden rout.
Assets under management in Germany stand at €2.7 trillion.
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