Swiss funds under management drop in June

Latest figures from the Swiss Funds Association (SFA) suggest the industry saw net outflows of about CHF441m through June.

The total volume of assets at the end of June stood at CHF637.7bn. Funds for institutional investors accounted for CHF226.2bn of this figure.

Overall assets under management fell by CHF13.6bn over the month, although the net redemptions were as mentioned – CHF441m.

Redemptions were heaviest in money market, bond and asset allocation funds. Better subscriptions were seen for precious metal (+CHF697m) and commodity funds, and equity funds (+CHF656m).

The SFA said there was a clear flight to the Swiss franc. Over CHF881m in new money flowed into CHF-denomiated funds. Yen funds were also in demand, but euro, dollar and sterling-denominated funds suffered.

The SFA also noted that Switzerland as a domicile did better than Luxembourg in the period, in terms of net flows. It said Swiss funds posted inflows of CHF1.5bn, versus Luxembourg funds’ outflows of CHF1.6bn.

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