Net sales of Ucits funds and Alternative Investment Funds (AIFs) totalled €6 billion in March, down from €13 billion in February, according to the latest data from the European Fund and Asset Management Association (Efama).
On their own, Ucits recorded net inflows of €13 billion, an increase of €7 billion from February, despite equity funds and multi-asset funds seeing outflows of €23 billion and €2 billion respectively.
These outflows were offset by net bond fund sales of €43 billion throughout the month, up from €14 billion in February.
“Central banks’ move towards more dovish monetary policy in response to weaker global growth triggered an investment shift from equity funds towards bond funds in the Ucits market,” said Bernard Delbecque, Efama’s senior director for economics and research.
Net sales for Aifs turned negative, with outflows of €8 billion, compared to a positive February which saw inflows of €6 billion.
Total assets for Ucits and AIFs increased by 1.5% to €16 .31 billion, the bulk of which are under Ucits funds with €10 billion in assets.
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