According to Lipper, money market funds saw net inflows of €18.6bn. That was less than in July, but still stood in sharp contrast with huge outflows from bond (-€18.4bn) and equity funds (-€23bn). Seven of the eight most popular funds over the month were money market funds.
Though the dollar depreciated slightly against the euro in August, many investors still seem to bet on the dollar rising further on the long term: net flows in to USD-denominated money market funds amounted to €9.6bn. This contrasted with net outflows of -€6.6bn from their GBP equivalents.
Even multi-asset funds have fallen out of grace in favour of cash, at least for now. According to Lipper, the asset class recorded net outflows of €310m.