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Bernard Delbecque, EFAMA

UCITS see jump in outflows in September

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UCITS experienced a jump in net outflows in September registering EUR49 billion, more than double the net outflows recorded in August (EUR 20 billion), according to the latest data released by EFAMA.

Long-term UCITS (UCITS excluding money market funds) continued to witness sizeable net outflows in September, albeit lower than in August: EUR37 billion compared to EUR53 billion in August. 
 
Net outflows from bond and balanced funds remained relatively steady in September registering net outflows of EUR 12 billion and EUR10 billion, respectively.
 
Net outflows from equity funds reduced from EUR26 billion in August to EUR17 billion in September.

Money market funds recorded a turnaround in net flows during September to record net outflows of EUR12 billion, reflecting a cyclical pattern of end of quarter outflows.  This outflow came against a backdrop of net inflows of EUR33 billion registered in August.
 
Total non-UCITS registered net sales of EUR5 billion, down from EUR8 billion at end August.  This drop was attributable to a reduction in net inflows to special funds (funds reserved to institutional investors) from EUR8 billion to EUR5 billion at end September.
 
Total assets of UCITS amounted to EUR5,414 billion at end September 2011, a decrease of 2.6 per cent since end August.  Total assets of non-UCITS also decreased slightly in September to stand at EUR2,046 billion.
 
Bernard Delbecque (pictured), Director of Economics and Research at EFAMA, says: “A worsening of the euro area sovereign debt crisis amidst weakening economic growth continued to undermine investor confidence in September. At the same time, net outflows from equity funds declined somewhat in September, suggesting resilience from investors despite the global uncertainties. Investors seem to be waiting for a clear solution to the euro debt crisis before returning to long term investments.”
 

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