Ucits sales see “sharp turnaround”

Net sales of Ucits saw ‘a sharp turnaround’ in June registering net outflows of €33 billion, the European Fund and Asset Management Association (Efama) said.

This compares to net inflows of €22 billion a month earlier. “This turnaround came on the back of large net outflows from money market funds,” the association reported.

Long-term Ucits saw net outflows of €9 billion, compared to net inflows of €8 billion a month earlier.

Bernard Delbecque, director of economics and research at Efama, said: “Uncertainty regarding policy actions to reduce tensions in several euro area bond markets caused caution amongst investors in June, prompting reduced demand for bond funds.”