Flows into European funds hit €37.1 billion (£30 billion) in March leading to a total of €87.4 billion for the first quarter. The industry has not experienced such a strong opening quarter since 2007 which generated €133.4 billion in inflows.
Seven funds attracted inflows in excess of £1 billion during the quarter. The best of these were AllianceBernstein’s American Income Portfolio with €2.0 billion, PIMCO Global Investment Grade Credit with €1.8 billion and the M&G Optimal Income fund with €1.6 billion.
Net sales of long-term funds (excluding money market funds) reached €77.1 billion for the quarter while ETFs were found to have generated 25% of inflows to equity funds but just 5% of total industry sales. (article continues below)
Allianz/PIMCO, AXA/AllianceBernstein and M&G/Prudential were found to have generated the greatest net sales, with €7.3 billion, €5.7 billion and €4.3 billion respectively.