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Demand for long-term funds continues throughout April 2010, with a significant shift from Equities to Corporate Bonds

The latest Investment Fund Industry Fact Sheet for April, published today by the European Fund and Asset Management Association (EFAMA), shows a continuing trend of investors’ strong demand for long-term funds, a shift in investor sentiment away from equities towards bonds and balanced funds, and a continuing trend of exiting money market funds.

The main developments in April in the reporting countries can be summarised as follows:

• The trend observed since September 2009 continued in April, with sustained demand for long-term funds and capital outflows from money market funds. UCITS enjoyed positive net inflows of EUR 20 billion in April, and net inflows for the first four months of 2010 amounted to EUR116 billion.

• Net inflows into long-term UCITS (UCITS excluding money market funds) remained strong in April, totalling EUR 27 billion – the same level as in March.
• The split of new money between the different types of long-term UCITS differed very much in April from recent months. For the first time since March 2009, net inflows into equity funds fell to almost zero (EUR 230 million in April against EUR 8 billion for March), reflecting investor concern over the Greek debt crisis and the economic consequences for Europe. Bond funds were the largest-selling funds (EUR 15 billion), with corporate bond funds being considered by many investors to be lower risk than equity investments and some sovereign bonds. Balanced funds continued also to attract net inflows (EUR 9 billion in April compared to EUR 6 billion in March).
• Outflows from money market funds slowed down to EUR 7 billion, from EUR 19 billion in March. Lower cash need on the part of money market funds investors at the beginning of each quarter contribute to explain this development.
• Net inflows into special funds reserved to institutional investors fell marginally to EUR 6 billion in April, from EUR 7 billion in March.
• Total assets of UCITS and non-UCITS increased by 1.4 percent in April compared to end March.

23 national associations representing more than 97 percent of total UCITS and non-UCITS assets at the end March 2010 provided net sales and/or net assets data to EFAMA for the fact sheet.

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