“September witnessed notable outflows from long-term Ucits in some countries, largely driven by rising uncertainties surrounding the interest rate cycle, the upcoming US presidential election and the fiscal measures being implemented to address budget deficits in several countries,” commented Bernard Delbecque, senior director for economics and research at the European Fund and Asset Management Association, 28 November 2024. Photo: Efama

“September witnessed notable outflows from long-term Ucits in some countries, largely driven by rising uncertainties surrounding the interest rate cycle, the upcoming US presidential election and the fiscal measures being implemented to address budget deficits in several countries,” commented Bernard Delbecque, senior director for economics and research at the European Fund and Asset Management Association, 28 November 2024. Photo: Efama

Luxembourg alternative investment funds recorded €469m of net outflows in September 2024, says the most recent monthly factsheet published by the European Fund and Asset Management Association. Ucits in Luxembourg saw €26.8bn of net outflows during the same month, while Irish Ucits saw €58bn of net inflows.

The European Fund and Asset Management Association (Efama) on 28 November 2024 published its latest monthly investment fund industry fact sheet, which includes .

After inflows of €6.185bn in , €395m of inflows in  and €4.338bn of net inflows in , Luxembourg alternative investment funds (AIFs) recorded €805m of net outflows in  and €469m of outflows in September 2024.

Undertakings for collective investment in transferable securities (Ucits) domiciled in the grand duchy recorded €26.8bn of net outflows in September, said Efama’s factsheet. That breaks a streak of inflows for Luxembourg Ucits dating back to May 2024.

Ireland: inflows for AIFs and Ucits

Alternative investment funds in Ireland saw €82m of net inflows in September, which comes after €645m of net outflows in August.

Irish Ucits reported €57.968bn of net inflows in August. They have seen inflows every month for the past year (except in March 2024, when Irish Ucits saw outflows amounting to €1.768bn).

European level: outflows for AIFs, inflows for Ucits

In Europe overall, alternative investment funds in September saw outflows of €237m while Ucits attracted net inflows of €19.365bn, said the industry association. This is a “significant decline” from the €81bn of inflows seen in August.

“September witnessed notable outflows from long-term Ucits in some countries,” commented Bernard Delbecque, senior director for economics and research at Efama, in the trade group’s report. This was “largely driven by rising uncertainties surrounding the interest rate cycle, the upcoming US presidential election, and the fiscal measures being implemented to address budget deficits in several countries.”

Long-term Ucits (which exclude money market funds) saw net inflows of €4bn in September, a decrease from €33bn in August, noted Efama. Of these, exchange-traded fund Ucits attracted net inflows of €19bn, a slight decrease from €20bn in August.

Like Luxembourg, Ucits in France and the UK saw outflows (€10.429bn and €18.229bn of outflows, respectively).

The total net assets of Ucits and AIFs grew by 1% to reach €22,723bn, said Efama.

The industry association’s monthly factsheet covers 24 EU countries, as well as Liechtenstein, Norway, Switzerland, Turkey and the United Kingdom.

Find Efama’s full investment fund industry factsheet for September 2024 .

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