The inflows lifted year to date inflows for the industry to €157.7bn (including money market funds).
Bond funds saw outflows over the month of €6.3bn, but it remains the best selling asset for the year to date, having drawn in net inflows of €91.2bn. Short-term bond funds remained popular, however, seeing inflows of €1.8bn. European equities topped the charts for August after the Eurozone emerged from recession, with inflows of €3.4bn. Asset allocation funds also fared well, gathering €3.2bn in net new assets. Emerging market bond funds remain among the weakest sectors in terms of fund flows.
Deutsche Asset and Wealth Management was the best selling group for August, with net sales of €1.2bn, followed by JP Morgan (+€0.8bn) and BlackRock (+€0.8bn). The five best-selling funds were the PIMCO GIS Diversified Income Duration Hedged fund, the BlackRock Index Selection – Developed World Index fund, the Fr Templeton Franklin European Growth fund, the Babson Capital Global Loan fund and the La Caixa Group Foncaixa Rentas fund. The funds that have seen the strongest inflows year to date are the Templeton Global Total Return fund, the M&G Optimal Income fund, the PIMCO GIS Unconstrained Bond fund, the Standard Life GARS strategy and the PIMCO GIS Income fund.
Provisional data for September from Luxembourg- and Ireland-domiciled funds shows equity and mixed-asset funds seeing net inflows in the range of €4.7bn and €2.2bn respectively. In contrast,bond funds’ sales have turned negative, with net outflows of around €2.2bn.
