Net sales across Europe of Ucits fell in July against June, when flows to money market funds are excluded from the long-term funds data, according to the European Fund and Asset Management Association (Efama).
The data suggests that overall long-term Ucits net sales were €61bn in July, down from €66bn in June.
Sales of equity funds were up, to €19bn from €9bn, however, bond funds were down to €29bn from €36bn, and sales of multi-asset funds were down to €11bn from €19bn.
Money market funds saw a significant month-on-month change, as net sales of €22bn were recorded against net outflows of €33bn in June. That contributed to an equally significant turnaround in total Ucits net sales, which hit €83.2bn against €33.8bn in June.
AIF net sales were €13bn against €32bn the previous month.
Overall net sales of both Ucits and AIFs were €96bn against €65bn in June, Efama reported, which took total assets to €15058trn, against €14.964trn in June, and €14.147trn at the end of 2016.
By geography, Luxembourg accounted for the biggest share of Ucits net sales in July, chalking up €29.5bn in net sales, followed by Ireland, €19.2bn, and France, €16.2bn.
A full breakdown of net sales by geography can be seen here: EFAMA Fact Sheet & Country Data (July)