Net sales of Ucits funds amounted to €198bn in 2012, compared to net outflows of €90bn in 2011. Net sales of long-term Ucits products were also strong, totalling €234bn after registering €54bn in outflows in 2011.
Further confidence in the market outlook was reflected in the figures for December, with the surge in balanced Ucits fund sales (€7.3bn compared to €2.9bn in November). There was also a small increase in net sales of equity funds, up to €13.5bn from €12.9bn the previous month. However, bond sales did drop, and the December total reached €14.1bn compared to €20.9bn in November.
The final net sales total for the month was reduced significantly by outflows from money market products, but remained in positive territory at €1.3bn across all Ucits funds.
Positive sales were also reported in the non-Ucits arena, and December saw a surge in sales of special funds, those available to institutional investors. Sales of these funds totalled €26.9bn compared to a more modest €2.9bn in November.
Overall net assets of non-Ucits funds, meanwhile, increased by 0.8% during 2012 bringing the closing figure to €2,521bn.
Combined Ucits and non-Ucits net fund assets increased by 12% over the course of the year, reaching a record high of €8,872bn.
Peter de Proft, director general at EFAMA, said: “Overall, bond funds were the big winner as investors searched for yield in a sustained low growth, low interest rate environment. Equity funds have only benefited from improved investor confidence at the end of the year. This explains why they only attracted €2bn in net new money in 2012. Still, this is a much better outcome than in 2011, which saw equity funds recording net withdrawals of €70bn.”
