The European Fund and Asset Management Association (Efama) reported net sales of €22 billion from its 24 member associations – up from €18 billion in April.
However, earlier this week Lipper, a data provider, reported €3.6 billion of outflows for the European fund industry.
Efama’s Investment Fund Industry Fact Sheet said the rise in net inflows was down to increased net inflows into money market funds. Net sales of long-term Ucits (which excludes money market funds) “remained steady” in May at €8 billion.
Bond funds recorded increased net inflows during the month totaling €20 billion, up from €16 billion in April, Efama reported, saying this was due to investors seeking relatively more safety than equities.
Total net sales of non-Ucits amounted to €8 billion in May, down from €9 billion in April.
Net sales of special funds (funds reserved to institutional investors) remained steady recording inflows of €5 billion in May. Total assets of Ucits fell by 0.8% in May to €5,849 billion, whilst total assets of non-Ucits increased by 0.7% to €2,323 billion at month end. ©2012 funds europe