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Bernard Delbecque, Director of Economics and Research at EFAMA

Net sales of long-term UCITS dropped to break-even point in August 2013

Net sales of UCITS fell from EUR36 billion in July to EUR15 billion in August, as net sales of long-term funds reduced significantly during the month, according to European Fund and Asset Management Association (EFAMA).

Long-term UCITS (UCITS excluding money market funds) net sales broke-even in August, which marked a steep decline compared to July when inflows amounted to EUR35 billion.
Net sales of equity funds reduced to EUR2 billion from EUR14 billion a month earlier.

Bond funds experienced a turnaround in net sales in August, registering net outflows of EUR7 billion against net inflows of EUR6 billion in July.

Net sales of balanced funds decreased to EUR3 billion from EUR9 billion in July.
Money market funds registered increased net inflows in August of EUR15 billion, up from EUR1 billion in the previous month.
Total non-UCITS saw their net sales fall to EUR9 billion in August, compared to EUR16 billion in July.  This decrease in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR5 billion, compared to EUR12 billion recorded in July.
Total net assets of UCITS stood at EUR6,649 billion at end August 2013, representing a 0.3 percent decline during the month.
Total net assets of non-UCITS increased in August by 0.1 percent to stand at EUR2,677 billion at month end.

Total net assets of the European investment fund industry at end August amounted to EUR9,327 billion.
Bernard Delbecque, Director of Economics and Research at EFAMA, says: “Bond funds suffered in August from rising long-term bond yields, whilst uncertainty about Fed monetary policy and geopolitical concerns impacted negatively on equity funds.”

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