Investors bought back into European mutual funds in April, following heavy redemptions in March during the Covid-19 market chaos.
Net inflows for mutual funds last month in Europe reached €86.2 billion, according to the latest data from Refinitiv.
Money market funds drew in the lion’s share, with €47.8 billion of new cash making it the best-selling individual asset type overall.
Detlef Glow, regional head of research at Refinitiv, said: “European investors started to buy back into mutual funds and ETFs in April after massive outflows from these products in March.
“Investors returned to the markets after they had somewhat stabilised following the outbreak of Covid-19, which caused widespread worldwide lockdowns and stoked fears of a global recession.”
Bond funds brought in €23.5 billion, while equities saw a return of investor confidence with €18.4 billion of inflows.
Positive flows added up to overall net total of €38.4 billion of new cash into long-term investment funds in April, with ETFs contributing €8.7 billion to this.
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