Total net sales of European funds were just EUR3bn in September, although when the impact of money market funds is stripped out long-term sales stand at a more respectable EUR22bn, similar to last month’s activity.
The report by Lipper FMI reveals that sales remained rosy for bond funds at EUR16bn, still driving European activity.
For the year to date, net sales now stand at EUR211bn (ex-liquidity), although monthly activity remains below the 2010 average of EUR24bn.
Allianz/Pimco was the most successful overall group with net flows of EUR3bn, bringing its long-term fund sales over the first three quarters to EUR17.1bn.
Franklin Templeton is the most successful group over the year-to-date with inflows of EUR23.9bn.
Deutsche Bank was the most successful equity group this month (EUR2.3bn) with its db x-trackers range attracting the lion’s share of flows.
With ETF activity stripped out, four groups still achieved equity sales over EUR300m for the month: Aberdeen (heading this group with EUR870m), Franklin Templeton, Carmignac and Comgest.
The concentration of flows into bond funds is pronounced, with 30 per cent of inflows (EUR4.8bn) into the asset class attributable to just five funds.
