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Bernard Delbecque, EFAMA

Turbulent political and macro-economic environments impact investor demand for UCITS Q3 2018

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UCITS and AIFs recorded net sales of EUR 40 billion in Q3 2018, up from EUR31 billion in Q2, according to the latest Quarterly Statistical Release from The European Fund and Asset Management Association (EFAMA).

Equity, multi-asset funds and other funds registered net inflows of EUR17 billion, EUR20 billion and EUR27 billion, respectively. Bond and money market funds meanwhile recorded net outflows of EUR 10 billion and EUR14 billion, respectively.
 
UCITS registered net sales of EUR3 billion in Q3 2018, compared to EUR15 billion in Q2. Long-term UCITS, ie UCITS excluding money market funds, recorded net inflows of EUR16 billion in Q3. Equity and multi-asset funds attracted net sales of EUR20 billion and EUR11 billion, respectively. Bond funds experienced net outflows of EUR6 billion. Money market funds meanwhile recorded net outflows of EUR13 billion, compared to net outflows of EUR18 billion in Q2 2018.
 
AIFs net sales amounted to EUR37 billion in Q3 2018, up from EUR15 billion in Q2. Other funds, multi-asset funds and real estate funds registered net inflows of EUR30 billion, EUR10 billion and EUR6 billion, respectively. Equity funds, bond funds and money market funds recorded net outflows of EUR3 billion, EUR4 billion and EUR1 billion, respectively.
 
Total net assets of European investment fund industry increased 1.2 per cent to EUR16,032 billion at end Q3 2018. Net assets of UCITS increased by 1.1 per cent to EUR9,968 billion, while net assets of AIFs increased by 1.4 per cent to EUR6,064 billion.
 
During the first three quarters of 2018, UCITS and AIFs attracted net sales of EUR293 billion, compared to EUR759 billion in the same period of last year. UCITS attracted EUR189 billion in net new money, compared to EUR570 billion during the first three quarters of 2017, while AIFs attracted EUR104 billion in net new money, compared to EUR189 billion in the same period last year.
 
Bernard Delbecque (pictured), Senior Director for Economics and Research, says: “Trade tensions, pressure on interest rate and political uncertainty in Italy continued to dampen investor demand for UCITS in the third quarter of 2018.”

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