SFA sees only small drop in funds in August despite crisis
The Swiss fund market fell back only slightly in August in spite of the market turmoil, according to the Swiss Funds Association (SFA).
The total volume of assets under management in Switzerland was CHF608.3bn at the end of August, down CHF11.19bn or about 2% from July, according to figures compiled by Swiss Fund Data and Lipper. There was a net outflow of funds of CHF3.42bn. The volume of funds under management had fallen 5% in July over the previous month.
Swiss funds for institutional investors accounted for some CHF217bn, roughly 36% of the total, as in the previous month.
Investment in equity funds saw the heaviest drop in the month and was down CHF10.99bn to CHF188.68bn with a net outflow of CHF420m. This was unsurprising given the decline of global stock markets, the SFA said. Asset allocation funds fell CHF1.69bn to CHF71.112bn with net outflows of CHF553m.
Against the backdrop of the ongoing currency crisis, the strength of the Swiss currency and negative market developments, assets under management depreciated less than in the previous months, with net outflows of around CHF3.42bn largely attributable to profit taking in the bond fund segment, the SFA said.
On the positive side, investment in “other funds” increased by about CHF2.3bn and bond funds were up CHF1.1bn. Other funds attracted the most interest with commodities in high demand.