Money market funds were the best-selling asset in October, while investors sold out of global emerging market bond funds.
According to Refinitiv Lipper’s European Fund Flow Report for October 2021, money market funds attracted €66.9 billion in net inflows during the month and long-term mutual funds posted €49.2 billion.
Equity global was the best-selling sector among long term funds, attracting €12.9 billion in net inflows.
According to the report, the worst-selling Lipper global classifications by estimated net sales were bonds sectors.
The bond emerging markets global, for example, faced the highest estimated net outflows for October at €1.5 billion, bettered by bond emerging markets global hc at €1.4 bn).
The equity UK sector lost €1.1 billion.
Ireland was the fund domicile with the highest net inflows with €34.8 billion in October, followed by France at €32.4 billion, and Luxembourg at €28.0 billion.
Meanwhile, BlackRock was the bestselling fund promoter in Europe, ahead of Amundi and JPMorgan.
Detlef Glow, head of EMEA research at Refinitiv Lipper, said: “Inflows into money market products boosted the fund flows for October 2021, while European investors were in general further in a risk-on mode over the course of the month.
“Given the general market environment it was no surprise that October 2021 was a positive month for the European fund industry since mutual fund and ETF promoters enjoyed inflows.”
He added: “The overall flow pattern in Europe showed that investors continued to be in risk-on mode in October even as the general flow pattern was driven by inflows into money market products."
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