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European fund industry saw outflows of EUR9bn in November

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The European funds industry saw outflows of EUR9bn in November, the best for six months thanks to inflows of EUR18.3bn into money market products., according to the latest Lipper Fund Flash.

 
Long-term funds suffered redemptions of EUR27.3bn (ex-money market funds), a move for the worse after last month’s progress (-EUR14.5bn).
 
Standard Life topped the group sales chart this month, with net sales of EUR1.1bn, ahead of Prudential/M&G (EUR680m). Both groups enjoyed inflows across their bond, equity and mixedasset products.
 
Bond funds suffered outflows of EUR13.6bn as investors withdrew from both Global Bonds (-EUR1.2bn) and high yield products (-EUR1.5bn). This total was worse than for equity funds for the first time since April.
 
Sales activity for long-term funds may well finish with more than EUR45bn of outflows in 2011, although this masks a significant divide between the first half of the year (inflows ofEUR96bn) and the second half (outflows around EUR140bn).

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