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European funds industry sees redemptions of EUR17.8bn in June

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The European funds industry suffered redemptions of EUR17.8bn in June, although over the year-to-date net sales stand at EUR89.6bn (compared to EUR74bn for the first half of 2011), according to the latest Lipper Fund Flash report.

Long-term funds (excluding money market funds) fared much better in June with sales of EUR5.3bn, bringing the year-to-date total for these funds to EUR73.4bn.

Bond funds continue to dominate sales, accounting for much of the success of the groups enjoying the greatest inflows so far in 2012: PIMCO (EUR12.8bn), followed by AXA (EUR8.9bn) and M&G (EUR6.6bn).

In June the most popular sectors were Bonds Global Currencies (EUR2.9bn), Bonds USD (EUR2.2bn) and Bonds Emerging Markets (EUR1.9bn, with a further EUR530m for local currency funds).

Flows into absolute return funds have reached EUR5.9bn so far this year, bringing assets under management to EUR159bn for these funds.

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