European fund sales in May of EUR13.2bn (excluding money market funds) were half the level achieved in April (EUR26.6bn) as equity flows dropped away dramatically, according to Lipper FMI’s latest Fund Flash
With money market activity included, total industry sales reached EUR22.7bn, with French inflows actually increasing on those seen last month to reach EUR7.1bn.
For the fifth month in a row bond fund sales improved, reaching EUR8.5bn. But many equity groups will have suffered whiplash yet again as flows into these products changed direction once more, suffering outflows of EUR215m (ETF sales excluded).
Strong ETF inflows helped Blackrock to the top of the leader board in terms of group sales (EUR3bn). With ETFs excluded, the most successful equity group was Invesco (EUR530m) and the top bond group was Templeton (EUR2.6bn).
Monitoring Commodity funds and Raw Materials equity funds, the former continued positively in May (EUR450m), while the latter fell into the red (-EUR180m), taking their respective year-to-date totals to EUR4.2bn and EUR4.3bn.
