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European funds saw outflows of €254 billion in March

outflowsNet outflows from long-term European mutual funds in March amounted to an estimated €253.8 billion, according to figures from Refinitiv.

The monthly report showed that commodities funds (+€2.2 bn) were the best-selling individual asset type overall for March.

Meanwhile Equity Global (+€6.7 bn) was for the second month in the a row the best-selling sector among long-term funds for March.

Switzerland (+€3.2 bn) was the fund domicile with the highest net inflows, followed by Belgium (+€1.4 bn) and the Netherlands (+€0.5 bn).

Goldman Sachs was the best-selling fund promoter for March overall, with net sales of €19.3 bn, ahead of BNY Mellon (+€4.8 bn) and Vanguard Group (+€3.2 bn).

The 10 best-selling long-term funds gathered at the share class level amounted to net inflows of €12.0 bn for March.

Amundi CA 09/04/2020 (C) (+€4.0 bn) was the best-selling individual long-term fund for March.

Detlef Glow, Lipper head of Emea Research at Refinitiv, said: “European investors switched to a risk-off mode in March due to the global outbreak of the coronavirus and a possible recession caused by the lockdowns in a high number of countries around the world. As a result, investors faced increased volatility on the global equity markets.

“Long-term mutual funds posted overall net outflows for the month. Commodity funds (+€2.2 bn) were the only asset type with net inflows for March. Conversely, bond funds (-€134.9 bn) faced the highest outflows overall, bettered by equity funds (-€48.9 bn), mixed-assets funds (-€38.7 bn), alternative Ucits funds (-€27.7 bn), real estate funds (-€1.5 bn), and ‘other’ funds (-€1.4 bn).”

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