According to Detlef Glow, Head of EMEA research at Lipper, assets under management in the European mutual fund industry enjoyed net inflows of €1.3 bn into long-term mutual funds during May.
The single fund markets with the highest net inflows for May were Germany (+€1.9 bn), Switzerland (+€1.1 bn), Norway (+€0.8 bn), and the United Kingdom (+€0.6 bn). Meanwhile, Belgium was the single market with the highest net outflows (-€2.7 bn), bettered somewhat by the Netherlands (-€1.4 bn) and Luxembourg (-€1.2 bn).
Bond EUR Corporates (+€2.0 bn) was once again the best selling sector among long-term funds.
In terms of asset types, and according to Glow, "it seemed that European investors continued in a risk-off mode, selling risky assets," equity funds (-€10.3 bn) were once again the ones with the highest net outflows in Europe, bettered by “other” funds (-€0.2 bn) and mixed-asset products (-€0.2 bn). In contrast, bond funds (+€7.8 bn) were the best selling asset type for May, followed by alternative UCITS (+€2.5 bn), real estate products (+€0.9 bn), and commodity funds (+€0.8 bn).
JP Morgan, with net sales of €4.8 bn, was the best selling fund promoter for May overall, ahead of BlackRock (+€4.3 bn) and Aviva (+€3.5 bn).
Eastspring Investments-Developed and Emerging Asia Eq E (+€2.1 bn) was the best selling individual long-term fund for May.
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