Fund companies in Germany saw net inflows to the tune of €24.5bn during the first quarter 2019, as reported by German Investment Funds Association (BVI). At €23.8bn, open-ended Spezialfonds remain the driver of new business. Open-ended retail funds registered outflows totalling €2.2bn.
The last time their new business in a starting quarter recorded a lower figure, at minus €4.8bn, was in the first quarter of 2014. Closed-ended funds brought in €0.7bn year to date, while discretionary mandates accounted for inflows to the tune of €2.2bn. As at the end of March, fund companies managed assets totalling €3,136bn. This equates to a six per cent increase since the end of December 2018 (€2,954bn).
During the first quarter, property funds topped the sales chart in the open-ended retail fund segment, collecting €3bn in net inflows. Equity funds brought in €1.4bn, with actively managed funds accounting for €2.4bn in inflows and equity ETFs recording €1bn in outflows.
Balanced funds effectively generated no new business at all. This was their weakest start to a year since 2009, when they registered outflows amounting to €1.4bn during the first three months. With outflows totalling €5.1bn, money market funds and bond funds shaped the sales picture in the retail fund segment. Euro short-term bond funds alone were sold by investors to the value of €5.4bn.
Property funds manage net assets in the amount of €200bn The net assets in property funds managed by fund companies grew from €175bn (end of March 2018) to €200bn over the past 12 months. This equates to an increase of 14%. Of this volume, open-ended retail funds accounted for €101.1bn, open-ended Spezialfonds accounted for €92.2bn and closedended funds accounted for €6.3bn.