Lipper: Long-term fund sales hit 23-month high

Long-term fund generated their largest monthly net sales since October 2010 – a 23-month high – during September, rising to €28.9bn.

Inflows during September, which excludes sales of money market funds, brought total fund sales to €135.6bn during the first nine months of the year.

Lipper head of UK and cross-border research Ed Moisson says money was pulled out of money market funds in September “primarily linked to cyclical activity in France”.

Bond fund sales broker above €20bn for the third consecutive month, while equity fund sales returned to inflows for the first time since March, with net sales of €4.6bn.

Moisson says equity fund sales were driven by revived interest in Europe, with net sales of European equity funds hitting €3.1bn.

Moisson says the UK has moved to inflows of €1.1bn, including €480m in equities, after investors withdrew money during August.