In September investors deposited a net €30.3 billion into long-term funds in local Europe and the cross-border space. Bond products garnered the most new money at €14.5 billion, while “other” type of funds (including guaranteed and real estate vehicles), and mixed funds contributed €1.4 billion and €4 billion, respectively. Equity vehicles experienced small but continuous net redemptions, totalling €0.8 billion in net outflows for the month, bringing year-to-date net outflows to €61.3 billion. In contrast, net flows into bond products amounted to €103.5 billion over the past three quarters, helping the aggregate long-term fund flows to reach €148.8 billion so far this year.
At the category level, Bond Global led with €6.6 billion, followed by Bond Emerging Market collecting €5.1 billion. On the other hand, Equity Europe suffered €2.7 billion in net redemptions, and Equity North America also saw about €1.9 billion in net withdrawals during September.
PIMCO's GIS Income Fund, a cross-border Bond Global product domiciled in Ireland, was the bestselling product in the month attracting €1.3 billion, which brings the fund’s year-to-date flows to €5.5 billion, and its' September AUM to €17.2 billion.