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Net sales of Ucits increased for the fifth consecutive month

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Bond funds recorded increased net inflows in May 2012 in spite of new tensions in the euro area sovereign debt markets, according to data released by the European Fund and Asset Management Association.



EFAMA’s latest Investment Fund Industry Fact Sheet provides investment sales and asset data for May 2012 from 24 associations representing more than 97 per cent of total Ucits and non-Ucits assets.  
 
For the fifth consecutive month, Ucits experienced increased net sales in May totalling EUR22bn, up from EUR18bn recorded in April. This rise in net inflows was attributable to increased net inflows into money market funds, as net sales of long-term Ucits (Ucits excluding money market funds) remained steady in May recording net inflows of EUR8bn.
 
Bond funds recorded increased net inflows during the month totalling EUR20bn, up from EUR16bn in April.
 
Equity funds continued to record net outflows amounting to EUR12bn, compared to EUR7bn in April.
 
Balanced funds witnessed reduced net outflows of EUR1bn, compared to EUR3bn in April.
 
Money market funds recorded the seventh consecutive month of net inflows in May of EUR13bn, compared to EUR10bn in April. 
 
Total net sales of non-Ucits amounted to EUR8bn in May, down from EUR9bn in April.
 
Net sales of special funds (funds reserved to institutional investors) remained steady recording inflows of EUR5bn in May.
 
Total assets of Ucits fell by 0.8 per cent in May to stand at EUR5,849bn, whilst total assets of non-Ucits increased by 0.7 per cent to EUR2,323bn at month end. Total assets of Ucits and non-Ucits stood at EUR8,172bn at end May 2012.
 
Bernard Delbecque, director of economics and research at EFAMA, says: “Bond funds continued to benefit in May from investors’ search for yield in an environment of low and declining long-term interest rates. This is the continuation of a trend that has started in December 2011 and has remained sustained despite the re-emergence of strong tensions in the euro area sovereign debt markets. These tensions and the ensuing flight to ‘safe-haven’ and liquid assets also fed the demand for money market funds, to the detriment of investment into equity funds.”

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