October Ucits sales figures show mixed signals

Ucits registered net outflows of €30bn in October, reflecting exits from long-term Ucits and money market funds, though this was less than September’s €49bn, according to the latest investment fund industry fact sheet from the European Fund and Asset Management Association (Efama).

Bernard Delbecque, Efama director of economics and research said the overall picture for the industry was mixed. “On the one hand, Ucits saw reduced net outflows, as expectations of a conclusive plan to resolve the sovereign debt crisis provided some hope to investors.  On the other hand, net withdrawals remained at a high level with all categories affected, as uncertainty lingered and the economic outlook deteriorated”.
   
Long-term Ucits excluding money market funds witnessed lower net outflows in October €19bn compared to €37bn in September and €55bn in August. 
 
Net outflows from equity funds more than halved to €8bn from €17bn in September and €27bn in August.  Net outflows from bond funds also fell during the month with net outflows of €5bn in October compared to €12bn in September.
 
Balanced funds saw net outflows of €5bn compared with €10bn in September.
 
Money market funds registered a modest reduction in net outflows in October from €12 bn in September to €10bn in October, as banks continued to compete with money market funds to attract investors into deposits.
 
Total non-Ucits net sales increased during October to €7bn, compared to €5bn at end September.  Efama said this was attributable to an increase in net inflows to special funds reserved to institutional investors.
 
Total Ucits assets increased by 2.2% in October to €5,487bn following the rebound in stock market prices. Total assets of non-Ucits increased 1.0% to €2,130bn.

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