Wow!
Let's hear more!
Money Market funds (+€125.2 bn) enjoyed the highest monthly estimated inflows in history over the course of October 2022.
Long-term mutual funds (-€47.7 bn) posted estimated net outflows for October 2022.
The overall fund flows for mutual funds and ETFs in Europe in October amounted to estimated net inflows of €77.5 bn.
Target Maturity Bond EUR 2020+ (+€7.2 bn) was the best-selling sector among long-term funds.
Ireland (+€78.5 bn) was the fund domicile with the highest net inflows, followed by France (+€13.6 bn) and Switzerland (+€5.5 bn).
BlackRock (+€23.5 bn) was the best-selling fund promoter in Europe for October, ahead of Legal & General (+€20.3 bn) and Insight (+€19.4 bn).
Okay, okay.
I wonder if Detlef has got anything to say about this ...
'Oh, I bet he's got loads to say, boss!'
Maybe, Voice. Maybe. Or maybe ... just one short paragraph.
Detlef Glow, Head of EMEA Research at Refinitiv Lipper, comments: "Given the generally positive market environment over the course of October 2022, it was not surprising that the European fund industry enjoyed overall estimated inflows over the course of the month. That said, one needs to bear in mind that the geopolitical situation in Europe, the still ongoing The Thing, disrupted delivery chains, increasing interest rates triggered by high and in some cases still further increasing inflation rates are all impacting investor expectations."
I told you! / 'Hang on, boss! Look - !!!'
"With regard to this, the estimated flows at the asset type level show that European investors are further in risk-off mode as long-term funds faced overall outflows, while money market products enjoyed the highest monthly inflows in history. These historically high inflows were mainly triggered by the market turmoil in the UK after the announcement of the so-called 'mini budget' at the end of September.
"The market turmoil caused a crisis for pension funds which used liability-driven investment (LDI) strategies to meet their defined benefit liabilities. To do this, pension funds have shifted money into money market products to build cash reserves which can help them to meet possible demand for cash caused by withdrawals or further calls for collateral."
Wow! Three paragraphs! Thank you, Detlef! You've really spoiled us today. 'Quite big paragraphs, too.' I know!
ENDS
ENDS
ENDS
...
Anything else?
Er ... no, not really.
I'm tired.
Bye.
