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That’s according to figures released by Thomson Reuters Lipper, a research firm, on 23 July.

“June 2018 was the second month with net outflows from long-term mutual funds after 16 consecutive months with net inflows,” Detlef Glow at Thomson Reuters Lipper wrote. Altogether, a net of €22bn flowed out of long-term investment funds last month.

France (-€15.8bn), Luxembourg (-€13.6bn) and Ireland (-€7.3bn) were the fund domiciles with the highest net outflows. Switzerland (+€1.2bn), Germany (+€0.9bn) and Belgium (+€0.2bn) had the highest net inflows.

“It is noteworthy that the overall outflows in France were impacted by shifts in the money market segment (-€13.9bn),” stated the research firm.

Across Europe, more than €16bn exited money market funds; nearly €15bn flowed out of bond funds.

Luxembourg domiciled bond funds saw -€10.1bn in net outflows, while a net -€4.7bn left Luxembourg equity funds.

However, Luxembourg funds saw a net inflow of €1.5bn into mixed asset products and +€0.3bn into alternative Ucits funds. Net inflows were also recorded heading into French (+€1.1bn) and Irish (+€0.6bn) alternative Ucits funds.