VFF, the Norwegian Fund and Asset Management Association, has reported a net NOK4.2bn (€436m) went into funds locally through March, despite market movements wiping out some NOK17.7bn (€1.83bn) of AUM from the industry total.
Of the net inflows, some NOK3.4bn went to fixed income funds, with NOK0.5bn going to equity and balanced funds.
Retail investors were net buyers to the tune of NOK0.5bn, mostly in different fixed income funds. Institutional investors put a net NOK2.1bn into funds, of which NOK1.8bn went to fixed income funds. An additional NOK1.4bn went into pension savings via the regime that allows self selection. In contrast to other sources, the net investments here went predominantly to equity funds, the VFF data show.
So far this year net investments in securities funds has hit NOK26.5bn (€2.75bn). At the same time, total industry AUM has fallen by some NOK13.5bn (€1.4bn) or 1.2%. Equity funds have shed some NOK24bn or 4.2% between January and March.
Bernt S. Zakariassen, CEO of VFF, noted that March continued the trend seen in February of unsettled markets globally, with US moves to increase tariffs against China and other countries and fears of a global trade war among key reasons for this uncertainty.
Total industry assets at the end of March were NOK1,125bn (€116.8bn)