Germany’s fund industry saw net inflows of €24.5 billion during the first quarter of the year, according the German Investment Funds Association (BVI).
Open-ended Spezialfonds were the main driver of new business, with inflows of €23.8 billion, whereas open-ended retail funds saw overall outflows of €2.2 billion despite a positive performance by property and equity funds.
Property funds, with net assets amounting to €200 billion, attracted inflows of €3 billion, while equity funds brought in €1.4 billion.
Assets under management (AuM) across the board grew by 6%, bringing the total to €3,136 billion compared to €2,954 billion at the end of last year.
Balanced funds had their weakest start to a year since 2009, effectively generating “no business at all”, according to BVI. They suffered outflows of €1.4 billion throughout the quarter.
“Money market funds and bond funds shaped the sales picture in the retail fund segment,” BVI said.
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