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UCITS suffered sharp outflows in June

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Net sales of UCITS reversed in June to record net outflows of EUR65bn, compared to net inflows of EUR34bn in May, according to the European Fund and Asset Management Association (EFAMA).

 
June witnessed the largest net outflows from UCITS since October 2008 on account of large net outflows from fixed income funds.
 
Long-term UCITS (UCITS excluding money market funds) registered net outflows of EUR25bn, against net inflows of EUR39bn in May.  
 
Net sales of bond funds experienced a turnaround in net sales to register net outflows of EUR18bn in June.  
 
Net sales of equity funds recorded increased net outflows of EUR9bn, up from EUR1bn in May. 
 
Net sales of balanced funds broke even in June, down from net inflows of EUR13bn in May.
 
Money market funds registered increased net outflows of EUR40bn, up from EUR5bn in May.  The large net outflow seen in June reflects the cyclical pattern of flows out of money market funds at the end of each quarter and compares to large net outflows recorded in December 2012 (EUR33bn) and June 2012 (EUR24bn).
 
Total non-UCITS recorded increased net sales in June of EUR9bn, up from EUR5bn in May. This increase in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR8bn, up from EUR2bn recorded in the previous month.
 
Total net assets of UCITS stood at EUR6,559bn at end June 2013, representing a 3.7 percent decrease during the month.  Due to asset depreciation, total net assets of non-UCITS also decreased in June (by 1.8 per cent) to stand at EUR2,638bn at month end.
 
Bernard Delbecque, director of economics and research at EFAMA, says: “Rising long-term interest rates and market expectation that the Federal Reserve will begin tapering its quantitative easing programme before the end of this year fuelled large withdrawals from bond funds in June, and also negatively impacted equity funds.”

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