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Market volatility causes reduction in net inflows in long-term UCITS and AIF in Q3 2015

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UCITS net sales declined to EUR55 billion in Q3 2014, down from EUR114 billion in Q2, according to the European Fund and Asset Management Association’s (EFAMA) latest quarterly statistical release.

Long-term UCITS (UCITS excluding money market funds) also posted a steep decline in net sales during the quarter to stand at EUR33 billion at the end of Q3, down from EUR144 billion in Q2. 
 
Demand for equity funds meanwhile decreased from EUR22 billion in Q2 to EUR13 billion in Q3, while bond funds registered a turnaround in net sales to post net outflows of EUR19 billion, against net inflows of EUR32 billion in Q2, and net sales of multi-asset funds net sales decreased from EUR72 million in Q2, to EUR34 billion in Q3.
 
Cumulative UCITS net sales totalled EUR452 billion during the first three quarters of 2015, up from EUR404 billion registered in the first three quarters of 2014. Cumulative net sales of long-term UCITS also increased during the first three quarters of this year to EUR414 billion, up from the EUR399 billion registered in the first three quarters of last year.
 
Money market funds recorded a turnaround in net sales to post net inflows of EUR21 billion in Q3, against net outflows of EUR30 billion registered in Q2. 
 
AIF net sales amounted to EUR33 billion, down from EUR48 billion in Q2. EFAMA believes this reduction can be primarily attributed to a decrease in demand for AIF multi-asset funds, from EUR32 billion in Q2 to EUR16 billion in Q3. 
 
AIF bond fund net sales saw increased outflows of EUR4.5 billion, compared to outflows of EUR2 billion in Q2, while net sales of AIF equity funds decreased from EUR3.6 billion in Q2 to EUR3.2 billion in Q3. 
 
European investment fund net assets decreased 4.1 per cent during the third quarter of 2015 to stand at EUR12,114 billion at end Q3 2015. 
 
Net assets of UCITS decreased by 4.7 per cent to stand at EUR7,784 billion at end Q3, while total net assets of AIFs decreased by 3.0 per cent to stand at EUR4,330 billion at quarter end.
 
Bernard Delbecque (pictured), Director of Economics and Research at EFAMA, says: “Volatile markets in August and September triggered an important reduction in net inflows in long-term UCITS and AIF in the third quarter of 2015.”  

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