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The main developments in September 2011 in the reporting countries can be summarised as follows:
UCITS experienced a jump in net outflows in September registering €49 billion, more than double the net outflows recorded in August (€20 billion).
Long-term UCITS (UCITS excluding money market funds) continued to witness sizeable net outflows in September, albeit lower than in August: €37 billion compared to €53 billion in August.
Money market funds recorded a turnaround in net flows during September to record net outflows of €12 billion, reflecting a cyclical pattern of end of quarter outflows. This outflow came against a backdrop of net inflows of €33 billion registered in August.
Total non-UCITS registered net sales of €5 billion, down from €8 billion at end August. This drop was attributable to a reduction in net inflows to special funds (funds reserved to institutional investors) from €8 billion to €5 billion at end September.
Total assets of UCITS amounted to €5,414 billion at end September 2011, a decrease of 2.6 per cent since end August. Total assets of non-UCITS also decreased slightly in September to stand at €2,046 billion.
Bernard Delbecque, Director of Economics and Research at EFAMA, said: “A worsening of the euro area sovereign debt crisis amidst weakening economic growth continued to undermine investor confidence in September. At the same time, net outflows from equity funds declined somewhat in September, suggesting resilience from investors despite the global uncertainties. Investors seem to be waiting for a clear solution to the euro debt crisis before returning to long term investments.”