Thu, 13/02/2014 - 16:02
Net inflows into UCITS amounted to EUR13bn in December, down from EUR18bn in November, according to the European Fund and Asset Management Association (EFAMA).
This drop came on the back of large net outflows from money market funds and net withdrawals from bond funds during the month.
Long-term UCITS (UCITS excluding money market funds) registered increased net sales of EUR31bn, compared to EUR21bn in November.
Net sales of equity funds totalled EUR20bn, up from EUR10bn in November.
Balanced funds recorded a rise in net sales to EUR13bn, up from 8bn in November.
Net sales of bond funds returned to negative territory in December with net outflows of EUR6bn compared to net inflows of EUR6bn in the previous month.
Money market funds registered large net outflows of EUR19bn, which can be explained by cyclical end-year withdrawals.
Total net sales of non-UCITS rose to EUR18bn in December, thanks to increased net sales of special funds (funds reserved to institutional investors) of EUR16bn, up from EUR8bn in November.
Total net assets of UCITS increased 0.1 per cent in December to EUR6,929bn, whilst non-UCITS assets grew by 0.3 per cent to EUR2,799bn.
Total assets of UCITS and non-UCITS ended December at EUR9,727bn, 0.2 per cent higher than at end November.
Peter De Proft, director general, says: "Overall, 2013 was another good year for the European investment fund industry, thanks to increased investor optimism amid encouraging economic data and rising stock markets. Net sales of UCITS and non-UCITS totalled EUR401bn in 2013, whilst net fund assets increased nine per cent over the course of the year to reach EUR9.7trn.
“On the whole, 2013 saw a strong acceleration in the investor demand for equity and balanced funds. This happened despite highly volatile stock markets during the first half of the year. Bond funds continued to attract net new money, albeit significantly less than in 2012 because rising long-term interest rates and persistent uncertainty about bond market developments caused a significant slowdown of investor demand. On the other hand, 2013 was another difficult year for money market funds as historically low levels of short-term interest rates reduced very much the attractiveness of this fund type."
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