Inflows into money market funds helped the European funds industry to its best performance in six months during November despite continued net outflows, according to Lipper.
Money market fund inflows of €18.3 billion (£15.2 billion) in November helped lower overall outflows for the fund industry to €9 billion.
Outflows from the European funds industry increased significantly during the second half of 2011, according to Lipper.
Inflows of €96 billion in the first half were dwarfed by an estimated €140 billion in outflows during the final six months.
European investors continued to move out of euro-denominated bonds and into US bond funds in November. Bond funds saw outflows of €13.6 billion during the month.
Equity funds fared little better as they reported outflows of €10.5 billion in November. However, it was the first time since April 2011 that outflows from bond funds were stronger than equities.
Lipper revealed the best performing fund group was Standard Life, which topped the group sales chart with net sales of €1.1 billion, ahead of Prudential/M&G’s €6680m.
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