Long-term fund sales in Europe (excluding money market funds) hit a four-month high in July with net sales of EUR14.9bn, bringing the year-to-date total for these funds to EUR81.3bn, according to Lipper’s latest fund flash.
Including money market funds, the industry fared less well with net sales of EUR2.4bn, in other words money market funds suffered outflows of -EUR12.5bn.
Bond funds enjoyed inflows of EUR21.7bn in July, the largest one month total in more than ten years, giving no suggestion that investors have been spooked by the huge volumes that continue to flow into the asset class.
High yield funds were again among the most popular sectors with record-breaking inflows of EUR7.1bn across different currencies.
The best-selling groups this month were PIMCO (EUR3.2bn), AXA (EUR2bn), BlackRock (EUR1.2bn), Pictet (EUR960m) and Carmignac (EUR910m).
Flows into absolute return funds picked up this month (to EUR1.7bn) and have now reached EUR7.2bn in 2012, bringing assets under management to EUR162.3bn for these funds.