Ucits and alternative investment funds (AIFs) registered net outflows of €38.3bn in November, according figures released on Wednesday by the European Fund and Asset Management Association (Efama).
It was the biggest slump in sales seen so far in 2018 and compares to net inflows of €1bn in October driven by a fall in sales of money market funds as well as weakening investor sentiment and concerns about slowing growth.
Long-term Ucits – excluding money market funds – continued to suffer from net outflows, albeit at a lower level (€27bn) compared to €41bn in October.
Bernard Delbecque, senior director for economics and research said: “Long-term Ucits continued to suffer from negative net sales in November, although less markedly than in October, in part thanks to a rebound in net sales of equity funds.”
Ucits funds alone recorded net outflows of €40bn in November compared to €8bn outflows in October.
Net sales of equity funds however rebounded to a positive level (€3bn) compared to net outflows of €2bn in October. Net outflows from bond funds, meanwhile, slowed down to €17bn from €24bn in October. Multi-asset funds recorded stronger net outflows (€8bn) compared to €5bn in October.
Ucits money market funds experienced net outflows of €13bn compared to net inflows of €33bn in October. AIFs recorded net inflows of €2bn down from €9bn in October. Total net assets of Ucits and AIFs decreased by 0.3% to €15.6bn.