Net new flows of European passively managed funds edged up in June, reversing a downward trend dating from January of 2013.
So notes Cerulli Associates in the August 2013 edition of “The Cerulli Edge: European Monthly Product Trends.” The survey examines fund performance and developments among several asset classes, including mutual funds, money market funds and new products. The report also analyses product trends by country.
The survey reveals that net new flows of European passively managed funds hit €1.5 billion in June, up from €0.6 billion in May and €0.4 billion in April. By contrast, net new flows of actively managed funds plummeted to €-37.2 billion from €30.6 billion in May and €44.3 billion in April.
“After five consecutive months of steady inflows averaging €36 billion per month, the global sell-off across all asset classes resulted in June outflows of €37 billion from actively managed funds,” the report states. “If money market funds are taken into account, the figure rises to €69 billion of net flows, pulling net mutual fund inflows to €107 billion in 2013.
In June, passively managed assets under management stood at €587.1 billion, down from €608.9 billion in May and €604.6 billion in April.
Despite the poorer net flow performance, actively managed European funds under management remain significantly higher. The report pegs the total in May at €4.4 trillion, down from €4.6 trillion in May and €4.5 trillion in April.