Money market funds registered net outflows of EUR 1 billion, compared to net inflows of EUR 22 billion in the first quarter.. Overall in the first half of 2012, UCITS recorded net inflow
Trang 1Quarterly Statistical Release
Septembe 2 1 , N° 5
This release and other statistical releases are available on efama’s website ( www.efama.org )
Trends in the European Investment Fund Industry
in the Second Quarter of 2012
and Results for the First Half of 2012
This report was prepared by Bernard Delbecque, Director of Economics and Research
EFAMA The European Fund and Asset Management Association
Trang 2Tr nds in the UCITS Market
Net Sales by Investment Type
A challenging second quarter of 2012 reduced net sales of UCITS to EUR 7 billion from EUR 91 billion
in first quarter of the year Net sales of long-term UCITS amounted to EUR 8 billion, down from net inflows
of EUR 70 billion recorded in the previous quarter This was mainly attributable to equity funds, which registered net outflows of EUR 28 billion in the second quarter Balanced funds also registered a turnaround in net flows registering EUR 7 billion in net outflows in the second quarter Money market funds registered net outflows of EUR 1 billion, compared to net inflows of EUR 22 billion in the first quarter On the other hand, bond funds continued to record strong net inflows (EUR 42 billion compared to EUR 49 billion in the first quarter)
Overall in the first half of 2012, UCITS recorded net inflows of EUR 98 billion, a significant turnaround
compared to the second half of 2011 when UCITS suffered net outflows totalling EUR 133 billion The rebound in net sales in 2012 was driven by net sales of long-term UCITS in the first quarter after the ECB launched its longer-term refinancing operations
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Trang 3Tr nds in the UCITS Market
Net Sales by Investment Type
The long-term refinancing operations from the ECB eased market tensions during the first few months
of 2012 However, uncertainty regarding a clear solution to the euro area sovereign debt crisis increased investor caution during the second quarter This can be seen from the trends in monthly net sales1 for UCITS Equity funds continued to suffer on account of the poor economic outlook On the other hand, bond funds have recorded net inflows each month since December 2011, as investors continue their search for yield
in a low interest rate environment
Trang 4Tr nds in the UCITS Market
Net Sales by Country of Domici iat on
Twelve countries recorded net inflows into UCITS in the second quarter of 2012, with four countries
attracting net inflows in excess of EUR 1 billion: Ireland (EUR 13 billion), Switzerland (EUR 6 billion), Denmark (EUR 3 billion) and Luxembourg (EUR 1 billion) Luxembourg and Ireland attracted net inflows of EUR 22 billion and EUR 17 billion, respectively, into bond funds during the quarter On the other hand, money market funds in both countries recorded negative flows Luxembourg also suffered from significant net outflows from equity funds Of the other large domiciles, the UK attracted net inflows of EUR 800 million, whilst France and Germany registered net outflows of EUR 9 billion and EUR 1 billion respectively
Twelve countries recorded net inflows into UCITS during the first half of 2012, with five countries
attracting net inflows in excess of EUR 5 billion: Ireland (EUR 44 billion), Luxembourg (EUR 31 billion), France (EUR 15 billion), Switzerland (EUR 14 billion) and the UK (EUR 6 billion) These inflows reflect primarily strong net inflows into bond funds In addition, France enjoyed large net inflows into money market funds (EUR 35 billion), whilst Switzerland registered strong net sales of equity funds (EUR 6 billion)
Table 1 Net Sales of UCITS (1)
Mem bers
Luxembourg (3) -11,334 -5,029 22,143 49,266 -4,230 1,408 -5,999 -16,755 882 1,647 1,462 30,537
(1) In EUR millio ns fo r EFA M A members fo r which data are available; (2) including funds o f funds, except fo r France, Germany and Italy fo r which the funds o f funds data are
included in the o ther fund catego ries; (3) net sales o f no n-UCITS are included in " o ther" funds, except net sales o f special funds, which are sho wn in Table 6.
Equity
Trang 5Tr nds in the UCITS Market
Net As ets by Investment Type
Total net assets of UCITS decreased by 0.2 percent during the second quarter to stand at EUR 5,951 billion at end June 2012 This increase in net assets can be attributed to net asset growth of bond funds, which
increased 5.4 percent (EUR 86 billion) during the quarter Money market funds also enjoyed a modest increase
in net assets of 0.9 percent On the other hand, equity funds registered a decrease in net assets during the quarter (4.1%), and net assets of balanced funds reduced by 2.1 percent Funds of funds registered an increase
in net assets of 1.7 percent during the quarter
Over the first half of 2012, total net assets of UCITS have increased by 5.6 percent The number of UCITS
at end June 2012 stood at 35,766, compared to 36,106 at end December 2011
Table 2 Breakdow n of UCITS Assets by Category
EUR bn Share in % (1) in EUR bn in % (2) in EUR bn
(1) End June 2012 co mpared to end M arch 2012 assets; (2) end June 2012 co mpared to end December 2011 assets; (3) except funds o f
funds do miciled in France, Luxembo urg, Italy and Germany which are included in o ther types o f funds.
30-Jun-12
UCITS types
No Share in % (2) in No in % (3) in No.
(1) No full data breakdo wn is available fo r Ireland and the Netherlands; (2) end June 2012 co mpared to end M arch 2012; (3) end June 2012
co mpared to end December 2011; (4) except funds o f funds do miciled in France, Luxembo urg, Italy and Germany which are included in
30-Jun-12 Change from 30/3/2011 Change from 31/12/2011 UCITS types
Trang 6Tr nds in the UCITS Market
Net As ets by Country of Domici iat on
Total UCITS net assets remained relatively flat in the second quarter to stand at EUR 5,951 billion at end June 2012 Nine countries recorded an increase in net assets of UCITS during the quarter Of the large
domiciles, Ireland recorded growth of 3.7 percent during the quarter, followed by the United Kingdom, which recorded growth of 0.7 percent UCITS assets domiciled in Luxembourg remained flat during the quarter, whilst France and Germany recorded a reduction in net assets of 2.2 percent and 3.3 percent, respectively Elsewhere, Malta recorded strong asset growth of 32 percent during the quarter due to an increase in the number of authorized funds during the quarter
Total UCITS assets increased by 5.6 percent over the first half of 2012 Seventeen countries recorded an
increase in net assets of UCITS in the first six months of 2012 All the large domiciles enjoyed growth in UCITS, with Ireland increasing 10.1 percent followed by the United Kingdom (7.9 percent), Luxembourg (5.8 percent), France (3.7 percent) and Germany (2.1 percent) On the other hand, countries in Southern Europe continued to record negative growth during the quarter reflecting net outflows
Table 4 Net Assets of the European UCITS Industry
(1) End June 2012 co mpared to end M arch 2012; (2) end June 2012 co mpared to end December 2011.
30/06/2012
Trang 7Tr nds in the Non-UCITS Market
Net Sales and As ets by Inv stment Type
Total non-UCITS assets increased in the second quarter by 3.5 percent to stand at EUR 2,486 billion The
total number of non-UCITS funds stood at 18,411 at end June 2012, up from 18,219 at end 2011
Net assets of real estate funds increased 4.0 percent during the second quarter, whilst special funds enjoyed growth of 2.3 percent over the same period Since end 2011, total net assets of non-UCITS have increased 7.1 percent During the first half of 2012, special funds recorded growth of 7.6 percent, whilst real estate funds are
up 1.5 percent
Special funds continued to record net inflows, albeit at a slower pace, in the second quarter amounting to EUR
21 billion, compared to EUR 31 billion in the previous quarter Special funds have attracted net inflows of EUR
52 billion in the first half of 2012, up from EUR 47 billion in the first half of 2011
Table 5 Breakdow n of Non-UCITS Assets and Num ber by Category
German "Spezialfo nds" 876 35% 861 1.7% 822 6.6% 3,730 3,762
Num ber of Funds
(1) End June 2012 co mpared to end M arch 2012; (2) end June 2012 co mpared to end December 2011.
31/3/2012
11
Trang 8Trends in the European Investment Fund Industry
Net As ets by Country of Domici iat on
The combined assets of the investment fund market in Europe, i.e the market for UCITS and non-UCITS, increased by 0.9 percent in the second quarter of 2012 to stand at EUR 8,437 billion, up from EUR 8,363 billion at end March Since end 2011 total net assets have increased by 6.0 percent
With EUR 5,951 billion invested in UCITS, this segment of the business accounted for almost 71 percent of the fund market at end June 2012, with the remaining 29 percent composed of non-UCITS
Table 7 Net Assets of the European Investm ent Fund Industry
(1) End June 2012 co mpared to end M arch 2012; (2) end June 2012 co mpared to end December 2011.