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Ucits show net outflows of EUR23bn for May

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Ucits suffered negative net outflows of EUR23bn in May, according to data from the European Fund and Asset Management Association.

For the first time since March 2009, long-term Ucits (Ucits excluding money market funds) experienced net outflows in May, totalling EUR8bn.

Also for the first time since March 2009, equity and bond funds recorded net outflows (EUR11bn and EUR2bn, respectively), reflecting investor fear over sovereign debt problems in Europe and the risk of contagion to the global economy.

Balanced funds and special funds reserved to institutional investors continued to attract new money in May (EUR3bn and EUR4bn). The broad asset allocation strategy offered by balanced funds and the more stable sources of new money into special funds explain why these funds were less affected by the market developments in May.

Despite renewed financial market volatility, outflows from money market funds rose to EUR14bn, from EUR7bn in April.

Total assets of Ucits and non-Ucits fell by 0.7 per cent in May compared to end April.
 
The Eurozone’s sovereign debt crisis and its risk to economic recovery created apprehension in the market in May, thereby affecting investors’ appetite for risk.  However, total net outflows from long-term Ucits remained modest in terms of total long-term Ucits assets (0.2 per cent).
 
For the first five months of 2010, long-term Ucits enjoyed net inflows of EUR108bn.

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