European funds enjoy inflows of €41bn

European funds enjoy inflows of €41bn

The European funds industry enjoyed net inflows of €41bn ($53bn) into long-term mutual funds in July, according to a report by Lipper. 

Bond funds, with estimated net inflows of €18.6bn, were the best selling asset class overall, followed by mixed-asset products (€13.0bn), equity funds (€11.8bn) and commodity funds (+€0.1bn)

"Looking at Luxembourg- and Ireland-domiciled long-term mutual funds, bond funds should be the best selling asset class for August, followed by equity funds and mixed-asset products," said Detlef Glow, Head of Emea research "It seems bond funds continue in European investors’ favour so far in 2014."

Provisional figures estimate bond fund inflows will be €5.8 bn for August 2014, followed by euqity fund inflows at €4bn and multi-asset product inflows of €2.1bn.

Single fund market flows for long-term funds showed a mixed but positive picture for July; only 9 of the 33 Eurozone markets covered in the report showed net outflows. Among these were France (-€0.9bn), Portugal (-€0.1bn), and Greece (-€0.05 bn).

The market with the highest net inflows was once again Italy (+€5.3bn), followed by Spain (+€2.7bn) and Switzerland (+€2.5 bn). 

BlackRock, with net sales of €4.0bn, was the best selling group of long-term funds for July, ahead of Deutsche Asset & Wealth Management (+€3.2 bn) and JPMorgan Asset Management (+€3.0 bn).

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