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September slump hits fund sales

Close to zero net sales of equity funds were recorded in September, says EFAMA.


The latest investment fund industry fact sheet from the European Fund and Asset Management Association reveals that while sales of Ucits and non-Ucits for the first nine months of 2010 (€164bn) topped sales for the equivalent period in 2009 (€149bn), net sales fell significantly in September.

Ucits funds were hit by €21bn in outflows from money market funds, versus €16bn in inflows in August, but sales also slowed significantly in long-term funds.

Net sales of equities stood at €100m in September versus €600m a month earlier, while bond sales slumped from €23.2bn to €5.7bn and balanced funds fell from €7.3bn in net sales in August to €3.2bn in September.

In total, net inflows in long-term Ucits stood at €10bn in September, down from €38bn in August, Efama said. Net assets rose by 0.3% on the month to €7.52bn.

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