Okay, okay. It's Detlef and the gang. 'Yippee!'
Let's have a look at this then ...
Money market funds (+€34.1 bn) were the best-selling asset type overall for the month.
Long-term mutual funds (-€23.1 bn) posted estimated net outflows for March2023.
The overall fund flows for mutual funds and ETFs in Europe in March amounted to estimated net inflows of €11.0 bn.
Target Maturity Bond EUR 2020+ (+€4.9 bn) was the best-selling sector among long-term funds.
Ireland (+€23.6 bn) was the fund domicile with the highest net inflows, followed by Switzerland (+€9.4 bn) and Spain (+€2.8 bn).
BlackRock (+€21.9 bn) was the best-selling fund promoter in Europe for March, ahead of Swisscanto (+€6.9 bn) and Goldman Sachs (+€6.2 bn).
Well, okay.
Detlef?
Detlef Glow, Head of EMEA Research at Refinitiv Lipper, comments: "It was not surprising that March 2023 was in general a positive month for the European fund industry given the rather positive revisions of the economic outlooks for the major economies globally and a possible end of the interest hiking cycle of central banks in the near future. That said, mutual fund promoters (-€2.0 bn) faced outflows, while ETF promoters (+€13.0 bn) enjoyed inflows. The outflows from actively managed funds were driven by outflows from mixed-assets products (-€13.7 bn). Within the current market environment, it is somewhat surprising that European investors sold mixed-assets products since these products were European investors darlings in nearly all market environments in the past. More generally, long-term funds faced estimated net outflows of €23.1 bn while money market products enjoyed inflows of €34.1 bn. These flow numbers might be seen as a sign that European investors are in risk-off mode."
Thanks, Detlef.
'That was a big paragraph, boss.'
Well, yeah. I think it's one of the biggest paragraphs we've ever had from Detlef - if not the biggest.
'He must be exhausted.'
Detlef! Go and have a lie down, son!
'You deserve it!'
Yeah, you deserve it.
ENDS
ENDS
ENDS
'Do it again, so he gets the message.'
ENDS
ENDS
ENDS
And -
ENDS
ENDS
ENDS
'Nice one!'
