FINANCE - FUNDS

Fund flows

Luxembourg funds gained a net €23.8bn in July 2021



Amundi was the best-selling fund promoter in Europe in July 2021, according to Refinitiv Lipper Photo: T. Schneider / Shutterstock

Amundi was the best-selling fund promoter in Europe in July 2021, according to Refinitiv Lipper Photo: T. Schneider / Shutterstock

France, Luxembourg and Ireland garnered the most cash from fund investors in July 2021.

Figures from the data firm Refinitiv Lipper released this week showed net inflows of +€92.9bn into European mutual funds and +€11.6bn into European exchange-traded funds.

Funds domiciled in France (+€32.3bn), Luxembourg (+€23.8bn) and Ireland (+€21.0bn) recorded the highest net inflows. The UK (+€8.3bn) and Switzerland (+€4.5bn) also registered notable net inflows.

“On the other side of the table, Jersey (-€0.2bn) was the fund domicile with the highest outflows, bettered by Guernsey (-€0.1bn) and the Isle of Man (-€0.1bn),” Refinitiv Lipper said on 30 August.

In terms of asset types, money market funds (+€43.3bn), bond funds (+€23.bn) and equity funds (+€18.9bn) notched up the most sales. Only real estate funds (-€0.1bn) recorded net outflows.

Among money market fund domiciles, Luxembourg placed second (+€6.5bn) between France (+28.3bn) and Ireland (+€6.3bn). Luxembourg ranked third in the bond sector (+€5.2bn), after France (+€6.1bn) and Ireland (+€5.6bn). Luxembourg likewise placed third (+€2.1bn) in equity products, behind Ireland (+€7.1bn) and the UK (+€6.4bn).

Luxembourg-domiciled funds dominated the mixed-asset product category (+€7.2bn) and alternative UCITS category (+€2.9bn).

According to Refinitiv Lipper: “Amundi (+€10.3bn) was the best-selling fund promoter in Europe for July, ahead of BlackRock (+€9.3bn), BNP Paribas Asset Management (+€5.5bn), SPW (+€4.2bn) and DWS Group (+€4.1bn).”

The report covered 34 markets.