The main developments in October 2011 in the reporting countries can be summarised as follows:
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UCITS continued to register net outflows in October, reflecting exits from long-term UCITS and money market funds. Total net outflows of €30 billion in October were lower than in September (€49 billion).
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Long-term UCITS (UCITS excluding money market funds) witnessed lower net outflows in October: €19 billion compared to €37 billion in September and €55 billion in August.
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Net outflows from equity funds more than halved to €8 billion from €17 billion in September and €27 billion in August.
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Net outflows from bond funds also reduced considerably during the month registering net outflows, from €12 billion in September to €5 billion in October.
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Balanced funds also saw net outflows half during the month to €5 billion from €10 billion in September.
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Money market funds registered a modest reduction in net outflows in October, from €12 billion in September to €10 billion in October, as banks continued to compete with money market funds to attract investors into deposits.
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Total non-UCITS net sales increased during October to €7 billion, compared to €5 billion at end September. This was attributable to an increase in net inflows to special funds (funds reserved to institutional investors).
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Total assets of UCITS increased by 2.2 per cent in October to €5,487 billion, following the rebound in stock market prices.
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Total assets of non-UCITS enjoyed an increase of 1.0 per cent in October to stand at €2,130 billion.
Bernard Delbecque, director of economics and research at EFAMA, said: “The net sales figures for UCITS showed mixed signals in October: on the one hand, UCITS saw reduced net outflows, as expectations of a conclusive plan to resolve the sovereign debt crisis provided some hope to investors. On the other hand, net withdrawals remained at a high level with all categories affected, as uncertainty lingered and the economic outlook deteriorated.”
Press release
© EFAMA - European Fund and Asset Management Association
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