Fund managers sold more mutual funds in Europe than in the US in 2012, research shows.
The data also show that cross-border funds continue to rise in importance in Europe compared to funds sold domestically.
Long-term mutual fund sales in Europe (excluding money market funds and exchange-trade funds) in euro terms totalled €212.2 billion compared to €175.1 billion in the US, according to the Lipper Annual European Fund Market Review.
Including money market funds the respective totals were €217 Billion and €228.5 billion.
Cross-border funds in Europe attracted inflows of €220.7 billion in 2012, compared with just €9.7 billion for European funds only sold domestically.
Ed Moisson, head of UK and cross-border research at Lipper, says: “Analysis included in this report sheds new light on the importance of the internationalisation of the European funds industry, as well as the sheer scale of investors’ appetite for bond funds – which will not easily be unraveled.”
©2013 funds europe