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Irish funds see strong inflows in May

ireland_investmentIreland-domiciled funds saw the highest net inflows among European countries throughout the month of May, according to data from Refinitiv.

Investors poured €30.8 billion into strategies based in the Emerald Isle, while Luxembourg saw net inflows of €26.3 billion, followed by the UK with €5.6 billion.

Overall net inflows for mutual funds in Europe amounted to around €96.1 billion, largely driven by the influx of money into Irish and Luxembourg-based funds.

In terms of individual asset types, bond funds were the best-selling overall for May with €29.6 bn of new cash, while global equity pulled in €6.2 billion, the report shows.

Detlef Glow, regional head of research at Refinitiv, said: “European investors bought further back into mutual funds and ETFs [exchange-traded funds] in May after massive outflows from these products in March.

“Investors returned to the markets after they had somewhat stabilised after the massive stimulus packages by central banks and governments globally following the outbreak of Covid-19, which caused widespread worldwide lockdowns and stoked fears of a global recession.”

At company level, JP Morgan was the best-selling fund promoter for May overall, with net sales of €16.8 billion, ahead of BlackRock (+€13.7 billion) and Morgan Stanley (+€4.2 billion).

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