November record for equity fund sales in Norway
The Norwegian Fund and Asset Management Association has said that November saw net retail sales of over NOK1bn (€105m) into equity funds, the highest monthly total so far this year.
In total, Norwegian individuals invested NOK2.18bn (€213bn)in funds on a net basis through the month, of which NOK804m went into fixed income funds and NOK323m into balanced funds.
This has taken total assets invested by individuals in Norwegian securities funds to NOK180bn (€19bn) VFF said.
Institutional investors on the other hand pursued net redemptions of some NOK21bn (€221m) of which NOK19bn was redeemed from fixed income funds. However, VFF said that these redemptions were largely due to a technicality in the local market, given the effect of reallocations that took place in life company businesses attached to the DNB group.
Foreign investors sold some NOK1.3bn worth of equity funds on a net basis, taking their total assets in Norwegian funds to NOK106bn (€11bn). Total industry assets at the end off November were NOK911bn (€96bn).