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UCITS funds see net outflows of EUR10bn while AIF net sales increase

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Net inflows into UCITS and AIF totalled EUR14 billion in June, compared to EUR52 billion in May, according to The European Fund and Asset Management Association’s (EFAMA) latest Investment Funds Industry Fact Sheet.

The figures provide net sales of UCITS and non-UCITS for June 2016 as reported by 28 associations representing more than 99 per cent of total UCITS and AIF assets.
 
UCITS experienced net outflows of EUR10 billion, down from net inflows of EUR41 billion in May.  
 
Long-term UCITS (UCITS excluding money market funds) recorded net outflows of EUR10 billion, compared to net inflows of EUR24 billion in May. 
 
Equity funds experienced a turnaround in net flows, from net inflows of EUR3 billion in May to net outflows of EUR21 billion in June.  
 
Net inflows into bond funds decreased from EUR14 billion in May to EUR8 billion in June.  
 
Multi-asset funds also recorded lower net sales in June: EUR2 billion compared to EUR5 billion in May.
 
UCITS money market funds experienced net outflows of 0.5 billion in June, compared to net inflows of EUR17 billion in May. Cyclical end-of-quarter withdrawals of money market funds explain this development.
 
AIF recorded net inflows of EUR24 billion, compared to EUR11 billion in May, with all AIF categories recording the same or higher levels of net sales. 
 
Net assets of UCITS decreased by 1.9 per cent to EUR8,135 billion in June, and AIF net assets decreased by 0.1 per cent to EUR5,224 billion. 
 
Overall, total net assets of European investment funds decreased by 1.2 per cent in June to stand at EUR13,358 billion at the end of the month.  
 
Bernard Delbecque (pictured), senior director for economics and research at EFAMA, says: “UCITS equity funds suffered a severe drop in net sales in June due to the uncertainty created by the UK’s Brexit vote. Interestingly, AIF equity funds and practically all AIF categories saw their net sales increase in June.”

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