Mutual funds saw net outflows last month at a rate of more than one billion euro per day, while firms selling Exchange Traded Funds experienced a small level of net inflows, according to new data from Refinitiv Lipper.
Mutual funds experienced net outflows of 32.3 billion euro last month, compared to net inflows of 2.5 billion for Exchange Traded Funds.
The collective fund flows for mutual funds and ETFs in Europe in May amounted to estimated net outflows of 29.8 billion euro. Long-term mutual funds posted 23.2 billion euro worth of net outflows for May, while money market products saw 6.5 billion euro in net outflows.
Mixed-asset funds were the best selling asset type in May, with next inflows of 2.7 billion europe, while dollar bond funds, with inflows of 4.1 billion were the best-seller among long-term funds, Refinitiv Lipper said.
Sweden, Blackrock see inflows
“It was not surprising that May 2022 was in general a negative month for the European fund industry given the geopolitical situation in Europe, the still ongoing COVID-19 pandemic, disrupted delivery chains, and the sluggish market environment,” Detlef Glow, Refinitiv Lipper’s head of research, said.
Addressing specific countries, Refinitiv Lipper noted that Sweden, with 2.9 billion euro, was the fund domicile with the highest net inflows, followed by Switzerland and Spain, with respectively 1.6 billion euros and 1.2 billion.
Among firms, Blackrock, with 10.1 billion euro, was the best-selling fund promoter in May, ahead of HSBC and Morgan Stanley, with respectively 7.8 billion and 3.7 billion euro.