ETF assets in Europe hit a new record high last month, reaching $539bn (£411.56bn) in assets under management.
Data from ETFGI showed that inflows were not deterred by Brexit, with July seeing $9.4bn of inflows, marking the largest month for asset gathering in the year so far. July marked the 22nd month of consecutive net inflows.
“Investor confidence returned during July after the surprising result of June’s Brexit vote. The S&P 500 was up 3.7 per cdent in July. Developed markets outside the US gained 5.1 per cent and emerging markets were up 4.8 per cent,” says Deborah Fuhr, managing partner at ETFGI.
Fixed income ETFs saw the largest net inflows at $4bn, followed by commodity ETFs at $2.59bn, and equity ETFs at $2.2bn.
However, inflows have slowed on last year, with inflows year to date amounting to $31.73bn, below the $48.17bn gathered at this point in 2015.