Total sales of European funds were negative EUR14bn in June, owing to an outflow of EUR30bn in money market funds, according to a report by Lipper FMI.

Sales rose in most asset classes and equity returned to the black with net sales of EUR1.4bn.

Long-only sales improved from last month's negative total to EUR16bn, though they remain below their monthly average of EUR25bn. For the year to date, sales EUR144bn.

The French market sustained outflows of EUR26.3bn with EUR23bn out of liquidity funds. European money market outflows for the year to date total EUR92bn.

Carmignac was the best overall group with net flows of EUR3.2bn.

In the equity stakes, Fidelity came up trumps with net sales of EUR1bn, but the best fund was Carmignac's Investissment fund with sales of EUR537m.

In the bond arena Allianz/Pimco and Franklin Templeton vied for top spot with just EUR30m between them. Pimco's Total Return bond fund was the best seller with flows of EUR1.4bn.