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Bernard Delbecque, EFAMA

Net sales figures for UCITS showed mixed signals in October, says EFAMA


UCITS continued to register net outflows in October, reflecting exits from long-term UCITS and money market funds, according to the latest Investment Fund Industry Fact Sheet, published by the European Fund and Investment Management Association (EFAMA). Total net outflows of EUR 30 billion in October were lower than in September (EUR 49 billion).

Long-term UCITS (UCITS excluding money market funds) witnessed lower net outflows in October: EUR 19 billion compared to EUR 37 billion in September and EUR 55 billion in August. 
Net outflows from equity funds more than halved to EUR 8 billion from EUR 17 billion in September and EUR 27 billion in August.  
Net outflows from bond funds also reduced considerably during the month registering net outflows, from EUR 12 billion in September to EUR 5 billion in October.
Balanced funds also saw net outflows half during the month to EUR 5 billion from EUR 10 billion in September.
Money market funds registered a modest reduction in net outflows in October, from EUR 12 billion in September to EUR 10 billion in October, as banks continued to compete with money market funds to attract investors into deposits.
Total non-UCITS net sales increased during October to EUR 7 billion, compared to EUR 5 billion at end September.  This was attributable to an increase in net inflows to special funds (funds reserved to institutional investors).
Total assets of UCITS increased by 2.2 percent in October to EUR 5,487 billion, following the rebound in stock market prices. 
Total assets of non-UCITS enjoyed an increase of 1.0 percent in October to stand at EUR 2130 billion.
Bernard Delbecque (pictured), Director of Economics and Research at says: “The net sales figures for UCITS showed mixed signals in October: on the one hand, UCITS saw reduced net outflows, as expectations of a conclusive plan to resolve the sovereign debt crisis provided some hope to investors. On the other hand, net withdrawals remained at a high level with all categories affected, as uncertainty lingered and the economic outlook deteriorated.”

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