Luxembourg-domiciled funds recorded net inflows of €28.9bn during the month of July 2020, according to Refinitiv Lipper, a data firm.

The grand duchy’s performance was driven by net inflows to money market (+€16.1bn), equity (+€8.4bn) and bond (+€6.9bn) funds. However, this was tempered by net outflows from alternative Ucits funds (-€3.0bn).

Separate figures released by the Luxembourg Financial Sector Supervisory Commission  (CSSF), released on Monday, showed that Luxembourg funds had €4.61trn in assets under management, as of 31 July 2020. That is roughly back to the level observed in February 2020, before the covid-19 pandemic hit the grand duchy.

The Refinitiv Lipper report covered 34 European markets and was released on 24 August. The research firm said 23 domiciles showed net inflows and 11 showed net outflows in July.

Luxembourg placed third on the positive side, behind Ireland (net inflows of +€40.8bn) and France (+€33.6bn), but well ahead of Germany (+€1.9bn) and the Netherlands (+€1.8bn).

The UK experienced the highest net outflows (-€1.1bn), followed by Italy (-€0.8bn) and Jersey (-€0.7bn).