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Bernard Delbecque, EFAMA

Uncertainty about trade policy and international relations causes dive in European net sales of UCITS and AIFs

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UCITS and AIFs recorded net sales of EUR28 billion in Q2 2018, a significant decrease on the EUR222 billion of sales seen in Q1, according to the latest European Fund and Asset Management Association (EFAMA) Quarterly Statistical Release for the European investment funds industry.

Multi-asset funds and other funds registered net inflows of EUR25 billion and EUR30 billion, respectively. Equity, bond and money market funds, meanwhile recorded net outflows of EUR0.3 billion, EUR7 billion and EUR19 billion, respectively.
 
UCITS registered net sales of EUR15 billion in Q2 2018, compared to EUR171 billion in Q1, with long-term UCITS (UCITS excluding money market funds) recording net inflows of EUR33 billion in Q2. Multi-asset and equity funds attracted net sales of EUR26 billion and EUR10 billion, respectively, while bond funds experienced net outflows of EUR1 billion. Money market funds recorded net outflows of EUR18 billion, compared to net outflows of EUR2 billion in Q1 2018.
 
AIFs net sales amounted to EUR12 billion in Q2 2018, down from EUR52 billion in Q1, with equity funds, bond funds and multi-asset funds recorded net outflows of EUR10 billion, EUR6 billion and EUR1 billion, respectively. Other funds and real estate funds registered net inflows of EUR21 billion and EUR11 billion, respectively.
 
Total European investment fund net assets increased by 1.6 per cent in Q2 2018 to reach EUR15,788 billion at end June. Net assets of UCITS increased by 1.5 per cent to EUR9,824 billion, while net assets of AIFs increased by 1.6 per cent to EUR5,965 billion.
 
During the first half of 2018, UCITS and AIFs attracted net sales of EUR250 billion, compared to EUR514 billion in the same period last year. UCITS attracted EUR186 billion in net new money, compared to EUR379 billion in the first half of 2017, while AIFs attracted EUR64 billion in net new money, compared to EUR135 billion in the first half of 2017.
 
Bernard Delbecque (pictured), Senior Director for Economics and Research, says: “Following a good start to the year, net sales of UCITS and AIF plunged during the second quarter as a result of growing volatility in the financial markets and increased uncertainty and concerns about trade policy and international relations.”
 

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