The German funds industry has enjoyed a positive first half to the year, recording inflows of €42 billion primarily generated by open-ended Spezialfonds.
By the end of June, open-ended Spezialfonds saw €38.3 billion of new business, while open-ended retail funds registered €1.8 billion of positive flows, affected by negative flows from bond funds and money market funds.
Net sales into Spezialfonds slowed during the second quarter of the year, however, dropping from €23.8 billion to €14.5 billion of inflows, according to the latest data from the German Investment Funds Association (BVI).
Closed-ended funds raised €1.7 billion during the period.
Property funds more than doubled sales on a year-on-year basis, recording net inflows of €6.1 billion throughout the first six months of the year. Over the same period in 2018, property funds saw investors putting in €2.8 billion.
Equity funds collected about €0.7 billion of new cash, while actively-managed products contributed €2.8 billion in inflows. Equity ETFs, however, saw investors withdrawing €2.1 billion.
Bond funds and money market funds had a negative impact on retail fund sales, with outflows totalling €3 billion according to the association.
Equity funds had the greatest amount of assets under management with a total of €385 billion.
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