Funds welcome €19 billion of new money in November

Long term Ucits funds, excluding money market funds, attracted net inflows of €19 billion in November, according to latest figures from the European Funds and Asset Management Association, Efama.

Net withdrawals from money market funds persisted, but at a slower pace, in November, with outflows of nearly €12 billion, as investors continued to move towards higher return investments, the report said.

Equity, bond, balanced and other Ucits fund continued to attract net new money and as a result, net inflows into Ucits funds - including the money market outflows- funds totalled €7 billion in November, compared to €8 billion in October.

The €19 billion net inflows into long term Ucits funds in November is down on the €27 billion total seen in October, but it was the eight consecutive month of positive flows.

The net inflows into Ucits and non-Ucits funds for the first 11 months of last year totalled €171 billion.

Total assets of Ucits and non-Ucits increased by 0.6% in November, compared to the end of October.

More than 97% - that is 23 national fund and asset management associations globally – contributed to the data collated by Efama.