Money market redemptions hit French flows again

Funds domiciled in France and Italy saw significant redemptions in September, in an otherwise positive trend for fund flows in Europe, according to Lipper data.

French fund flows were negative, with outflows of €12.4 billion. Finland saw the second largest net outflows, at €1.5 billion, and Italy – which has been one of Europe’s best-selling fund markets in Europe in recent years and has benefited fund firms such as Amundi – saw the third largest outflows at €1 billion.

French fund sales have suffered recently in line with large redemptions from money market funds. In July, for example, Detlef Glow, a research head at Lipper, pointed out a connection with money market funds when French overall redemptions were €15.8 billion.

Money market funds again saw the highest net outflows in September (-€18.4 billion).

Overall, bond and equity fund sales drove European mutual funds to their ninth month of positive sales, according to Lipper’s September data.

Bond funds saw €13.1 billion of inflows and equity funds saw €10.3 billion.

As well as positive flows for these two headline groups, mixed asset funds saw €6.9 billion.

The overall net fund flows into mutual funds in Europe stood at €10.8 billion for September and €614.2 billion for 2017 so far.

©2017 funds europe

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