The European Fund and Asset Management Association (Efama) on 11 September published its European .

Here are a few figures from the report.

European net assets up to €19.8trn

Overall, net assets for undertakings for collective investment in transferable securities (Ucits) stood at €12.58trn while net assets for alternative investment funds in Europe stood at €7.25trn. This bought total net assets for the second quarter of 2023 to €19.83trn, said Efama.

Looking more specifically at Luxembourg, its total net assets at the end of Q2 2023 stood at €5.198trn--that’s €4.23trn for Ucits and €966bn for AIFs. The grand duchy counted 14,223 funds at the end of Q2--10,078 Ucits funds and 4,145 AIFs.

In second position was Ireland, with €3.819trn of net assets at the end of the second quarter: €2.976trn for Ucits (5,306 funds) and €843bn of AIFs (3,355 funds).

€654m net outflows for Ucits, €9bn net inflows for AIFs 

European Ucits saw net outflows of €654m in Q2 (compared to €76bn of net inflows in the first quarter of the year), said Efama. AIFs saw €9bn of net inflows in the second quarter of 2023 (compared to €24bn of net outflows in Q1).

European inflows, outflows in detail

For Ucits, equity funds saw outflows of €13bn, multi-asset funds saw outflows of €20.7bn, but bond funds recorded net inflows of €35bn in Q2.

The same trend was seen for European AIFs: equity funds recorded net outflows of €19.6bn, multi-asset funds reported net outflows of €12.8bn, while bond funds saw net inflows of €8.1bn.

“Net sales of Ucits turned negative in Q2 2023, reflecting greater investor caution about the equities market in the midst of growing uncertainty about the resilience of the global economy to the current level of interest rates,” said Bernard Delbecque, senior director for economics and research at Efama, in the association’s press release.

How about Luxembourg?

The grand duchy recorded €35.78bn of net outflows for Ucits in the second quarter of 2023 and €9.32bn of net inflows for AIFs, according to Efama’s statistical report.

Equity and bond funds for Ucits both saw outflows in Q2.

For Luxembourg AIFs, equity funds recorded €800m of outflows while bond funds saw €490m of inflows.

In comparison, Ireland saw €13.8bn of net inflows for Ucits in Q2 2023 overall and €4.2bn of net outflows for AIFs.

€3.9bn net inflows for article 9 Ucits

Net inflows into Ucits classified as article 9 funds--which have a sustainable investment objective--during Q2 amounted to €3.9bn, said Efama, down from €5.3bn in the first quarter of 2023.

On the other hand, long term-article 8 funds, which promote environmental and/or social characteristics, recorded €22.4bn of net outflows in the second quarter of the year (compared to €26.9bn of net inflows in Q1).

Find Efama’s full European Quarterly Statistical Release for Q2 of 2023 .