Ucits funds suffered net outflows of €31 billion (£25 billion) in June, up from €21 billion the previous month.
The European Fund and Asset Management Association (Efama), which published its latest monthly figures today, says the sharp rise in net outflows was largely caused by withdrawals from money market funds.
Money market vehicles have been struggling for some time but in June, outflows were more than double the amount taken out in May, when investors took out €14 billion.
Long-term Ucits, funds excluding money market products, suffered net outflows of €200m in June.
Although June marks the second consecutive month of net outflows, the rate has slowed significantly from May. In May, long term Ucits funds suffered outflows of €8 billion.
The main reason for the relatively positive outcome was a sharp decline in the net outflows from equity funds. Investors took some €2 billion out of equity funds, compared with €11 billion in June. (article continues below)
Efama says investor confidence improved following measures passed to strengthen the eurozone and help member countries in difficulty.
Bond funds saw net outflows of €3 billion, compared with €2 billion in May. In contrast, balanced funds attracted €3 billion of new money in June.
Compared with the end of May, the total value of assets in Ucits funds fell by 0.4% in June, while non-Ucits funds rose 1%.
Efama collected data from 23 associations representing more than 97% of the total Ucits and non-Ucits assets at the end of June.