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European long-term fund sales hit 23-week high

Long-term fund sales in Europe (excluding money market funds) hit a 23-month high of EUR28.9bn in September, bringing the year-to-date total for these funds to EUR135.6bn, according to Ed Moisson of Lipper.

Investors withdrew from money market funds (primarily linked to cyclical activity in France) so that industry net sales including these products were EUR19.8bn for the month and a year-to-date total of EUR123bn.
Money continued to pour into bond funds (EUR21.6bn), the third month in a row above the EUR20bn mark, and the industry was further boosted by equity funds returning to positive territory for the first time since March, with net sales of EUR4.6bn.

High yield bonds and emerging market debt were still very much to the fore, with net sales EUR7.6bn for the former and EUR4.5bn for the latter (across hard and local currency funds) in September.
For equity funds, most striking was the revival of interest in European equity funds, with net sales of EUR3.1bn, although global emerging market equity funds continued to attract inflows (EUR1.8bn).

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