Let's hope it's a harbinger of things to come. Financial Times reported a fund industry rebound in Europe in January. According to the paper:
Asset managers will welcome the news that the European mutual fund industry has moved back into the black, following historically large outflows that have plagued the industry over the past 18 months.
According to the latest figures from Lipper FMI, positive flows of $13billion in November halted a run on funds that saw EUR278bn withdrawn in the previous two months.
Figures from Lipper show money market funds formed the bulk of inflows for the month.
"The European asset management ship that has been so badly battered by market turbulence in recent months entered calmer waters in November," says the report.
Despite a move towards money market funds, equity funds also attracted positive flows of $757 million - driven mainly by exchange traded funds which saw their take-up hit $5 billion.
News of Europe's fund industry rebound tracked with the Morningstar Market Intelligence report in January that domestic fund inflows similarly rebounded.