A rebound in the net sales of equity funds partially stemmed the ongoing outflows for long-term Ucits funds in November, latest industry figures show.
Equity funds had €3.3 billion of net inflows during the month, which compared to €2 billion of outflows in the previous month.
Nevertheless, the data from the European Fund and Asset Management Association (Efama) showed steep outflows for long-term Ucits funds. Long-term funds – a category that excludes money market funds – saw €27 billion of net outflows, albeit this was a significant reduction from the €41 billion of outflows in October.
Including money market funds, Ucits saw net outflows of €40 billion, up from €8 billion the month before. Efama put this down to a “turnaround” of net sales in money market products, which in November saw net outflows of €13 billion compared to €33 billion of inflows in the previous month.
Overall, Ucits and alternative funds recorded net outflows of €38 billion in November. Flows to alternatives were positive, at €2 billion, but down from the €9 billion in the previous month.
Net outflows from bond funds slowed down somewhat between October and November (€17 billion compared to €24 billion) while multi-asset funds suffered an increase in outflows from €5 billion to €8 billion.
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