Net inflows into Ucits funds excluding money market vehicles hit €62 billion (£52.3 billion) in the third quarter of the year, up from €23 billion in the second quarter, according to the European Fund and Asset Management Association (Efama).
Sales of bond funds dominated the quarter with the asset class attracting €37 billion of net inflows. Meanwhile, sales of equity funds moved into positive territory with net inflows totalling €4 billion, up from the €12 billion of net outflows recorded in the second quarter of the year.
Money market funds continued to record outflows, however, although the pace of money coming out of the asset class has slowed. After the €51 billion of net outflows registered in the second quarter, outflows in the third quarter totalled €16 billion. (article continues below)
According to Efama, the decline in outflows reflected the re-emergence of net inflows into money market funds in August, which was the first monthly inflow since August 2009.
Overall, Ucits funds recorded net inflows of €46 billion in the third quarter, up from €28 billion in the previous quarter. Meanwhile, total net assets of Ucits rose 3% over the quarter to reach £5.8 trillion.