Money market funds post €30bn increase in net withdrawals in Q3, EFAMA

Despite large withdrawals from money market funds, UCITS enjoyed increased net inflows of €20bn in the third quarter of 2012, up from €7bn in the second quarter, according to the latest quarterly data published by the European Fund and Asset Management Association (EFAMA).

Money market funds recorded a steep increase in net withdrawals during the quarter at €31bn, compared to €1bn in the previous quarter and the continual low interest rate environment continued to have a negative effect on money market funds, EFAMA said.

Long-term UCITS experienced net inflows of €51bn during the quarter, compared to €8bn in the previous quarter.

Bond funds attracted strong net inflows of €50bn, up from €42bn in the second quarter.

Net sales of balanced funds returned to positive territory with net inflows of €10bn.

Equity funds registered reduced net outflows of €9bn, compared to €28bn in the second quarter.

Total UCITS net assets rose 3.7% during the third quarter to stand at €6,174bn at end September. Both equity funds and bond funds registered increases of 5.6% during the quarter.

Total net assets of non-UCITS increased by 3.3% to stand at €2,567bn.

The combined assets of the investment fund market in Europe increased by 3.6% percent in the third quarter to stand at €8,741bn.

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