Investors withdrew €43 billion from UCITS and alternative investments funds in July, compared to a €72 billion net outflow figure a month prior, though sales remained across most major asset classes, according to data published today by The European Fund and Asset Management Association (EFAMA).
UCITS funds recorded a net outflow figure of €24 billion, down from €69 billion in June, with equity funds seeing the greatest number of sales, up at €22 billion, compared to €17 billion in June, according to the trade body.
Bond funds took in money, however, registering net inflows of €1 billion, compared to a staggering €36 billion net outflow figure in June, after the asset class had its worst six months in decades as central banks turned hawkish on rates.
Multi-asset funds recorded sales to the tune of €4 billion, down slightly from the €6 billion figure in June.
Bernard Delbecque, senior director for economics and research at EFAMA, said: “Net outflows slowed down in July, as bond and money market funds reversed back to net inflows. However, despite a rebound in stock markets, net outflows from equity funds worsened in July as investor concerns about the growth outlook grew.”
Money market funds also returned to positive territory, taking inflows of €2 billion, compared to net sales of €6 billion a month prior.
The data covers UCITS and AIFs domiciled in 29 European countries including Germany, Italy, Luxembourg, and the United Kingdom.
Luxembourg accounted for the most UCITS sales over the month, up at €24.1 million, followed by France at €14.9m.
Ireland took in the most over the month, with €20.6 million in inflows.
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