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Total net assets of Ucits up by 0.3 per cent in June

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Net sales of Ucits recorded a sharp turnaround in June registering net outflows of EUR33bn, against net inflows of EUR22bn in May, according to figures released by the European Fund and Asset Management Association.



This turnaround came on the back of large net outflows from money market funds.
 
Long-term Ucits (Ucits excluding money market funds) registered net outflows in June of EUR9bn, compared to net inflows of EUR8bn in May. 
 
Bond funds saw net inflows reduce to EUR5bn from EUR20bn a month earlier, while outflows from balanced funds increased to EUR3bn during the month. Equity funds, however, recorded reduced net outflows totalling EUR9bn, compared to EUR12bn in May.
 
Money market funds recorded net monthly outflows for the first time since October 2011.  Net outflows amounted to EUR24bn in June, a significant turnaround compared to May when money market funds registered net inflows of EUR13bn. 
 
Total net sales of non-Ucits increased in June to EUR11bn, from EUR8bn in May. Net inflows into special funds (funds reserved to institutional investors) doubled in June to EUR10bn.
 
Total net assets of Ucits increased in June by 0.3 per cent to EUR5,865bn, whilst non-Ucits net assets increased 2.2 per cent in the month to stand at EUR2,375bn.
 
Bernard Delbecque, director of economics and research at EFAMA, says: “Uncertainty regarding policy actions to reduce tensions in several euro area bond markets caused caution amongst investors in June, prompting reduced demand for bond funds. The large net outflows of money market funds are partly due to cyclical end-of-quarter withdrawals.”

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