Net sales for long-term funds in Europe totalled EUR1.4bn in July (excluding money market funds) much the same level of activity as seen in June, according to the latest figures from Lipper.
Investors shunned money market funds too, with redemptions of EUR22.5bn, taking total industry activity across asset classes into the red (-EUR21.1bn).
Equity funds were worst hit, with redemptions of EUR6.5bn, although when the positive impact of equity-based ETF sales are included (EUR5.3bn) the total for the asset class was less bad, at -EUR1.2bn.
With ETFs and bond funds currently the mainstays of the industry, the leading groups reflect such activity, with BlackRock the best-selling group in July (EUR2.9bn), ahead of Franklin Templeton (EUR2.8bn) and Allianz/Pimco (EUR1.8bn).
Absolute return funds suffered their first monthly redemptions this year (EUR580m) although the sales total for these products over the year-to-date still stands at EUR10.2bn.
