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European funds see redemptions of EUR3.6bn in May

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The European funds industry suffered redemptions of EUR3.6bn in May, reducing the total for net sales over the year-to-date to EUR108.8bn, according to Lipper’s latest FundFlash report.



The picture looked even grimmer for long-term funds (excluding money market funds) as outflows reached EUR11.8bn, with investors withdrawing EUR13.1bn from equity funds.

At group level, BlackRock enjoyed inflows of EUR1.8bn in May, although when ETFs are stripped out Allianz/PIMCO tops the table with EUR1.6bn, as bond funds remain the favoured asset class.

The three best-selling mutual funds this month were PIMCO GIS Global Investment Grade Credit (EUR830m), AllianceBernstein American Income Portfolio (EUR750m), and Allianz US High Yield (EUR740m).

Sales of absolute return funds hit their lowest monthly total of 2012, at EUR350m, bringing their year-to-date total to EUR5.6bn.

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