France was the fund domicile in Europe that drew the bulk of investors’ cash in October, as inflows were seen across the asset management industry.
Investors sunk net €20.6 billion into the country, which narrowly led ahead of the UK – which saw €20.4 billion of new cash – in terms of fund domicile flows. Ireland also saw inflows to the tune of €14.4 billion, according to data from Refinitiv.
Overall net inflows into long-term mutual funds reached around €69 billion, primarily driven by equity funds which attracted over €30 billion.
Money market funds and bond funds were also seen favourably, taking in €17.8 billion and €17.4 billion respectively.
Detlef Glow, regional head of research at Refinitiv, said: “The market environment turned negative as the second wave of the Covid-19 pandemic hit major markets in Europe and investors feared a second coronavirus lockdown-induced economic downturn.
“Despite these fears, investors bought into risk assets as long-term funds enjoyed estimated net inflows.”
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