Italy was again the market with the largest fund sales in July, followed by Spain and Switzerland.
Italy saw €5.3 billion of sales, Spain saw €2.7 billion, Switzerland €2.5 billion and Germany €2.3 billion. Italy and Spain saw the highest sales in the first half of the year with a combined €40 billion, and the UK was third.
Meanwhile, in July the French funds industry saw a €900 million outflow, according to data from Lipper. Outflows were also seen in Portugal (€100 million) and Greece (€50 million).
Nine out of 33 countries saw outflows, according to sales data.
Overall, the European funds industry enjoyed net inflows of €41 billion into long-term mutual funds.
Bond funds – with estimated net inflows of €18.6 billion – were the best selling asset class.
The largest selling fund was the Luxembourg-domiciled Prudential/M&G Eastspring Investments Developed Asia Equity with around €1.3 billion of estimated net sales.
BlackRock, with net sales of €4 billion, was the best selling long-term fund group. It’s UK Equity Tracker was the second largest selling fund.
Provisional figures for Luxembourg- and Ireland-domiciled funds suggest bond funds, with estimated net inflows of around €5.8 billion, will be the best selling products for August 2014.
©funds europe
