Net assets in Belgian funds dropped by 6.6% quarter-on-quarter, according to industry data.
BeAMA, Belgium’s asset management association, says assets held in Belgian funds totalled €153 billion at the close of the second quarter (Q2) this year, but fell to €142.78 billion by the end of Q3. The association attributes the fall to underlying prices and market volatility.
However, BeAMA says data for October suggests the market is recovering to previous levels. While not insignificant, the falls could represent a temporary blip, rather than the start of a downward trend.
BeAMA notes that despite the quarter-on-quarter decline, net assets held at the end of September were still slightly higher than at the start of 2015, when assets totalled €141.58 billion.
Fund managers have moved into money market funds, a fund sector that saw assets increase by 189% between June (€5.77 billion) and September (€16.68 billion).
Equity funds were hardest hit by this shift, with assets declining from €49.64 billion to €38.64 billion, a drop of 22.2%. Fixed income funds were also negatively impacted, with assets falling from €33.55 billion to €27.88 billion (16.9%).
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