Long-term funds in Europe suffered redemptions of EUR46.2bn in September (excluding money market funds), an improvement on last month (EUR52.9bn), according to Lipper’s latest European Fund Flash for the month.
Redemptions of EUR15.3bn by French investors from money market funds meant that the European industry as a whole suffered outflows of EUR60.7bn (the worst since October 2008).
Equity and bond funds were both badly hit, with redemptions of EUR21.2bn and EUR17.4bn respectively. The former was an improvement on last month, as was the case for mixed asset funds, where redemptions were reduced to EUR1.9bn.
A mix of equity and bond sales saw Prudential/M&G attract the largest proportion of sales by one group (EUR600m), ahead of Comgest (EUR430m) and Threadneedle (EUR370m), the latter two driven by impressive equity fund sales.
Absolute return funds as a whole suffered redemptions once more (-EUR2.2bn), although those investing in mixed assets saw modest inflows (EUR180m).