During November long-term funds in local Europe and the cross-border space saw the first monthly net outflows in nine months, totalling €4 billion in net redemptions. Equity vehicles garnered the most new money at €11.1 billion, breaking the outflow trend over the past eleven consecutive months and regaining some of the losses, which helped decrease their year-to-date net redemptions to €52.7 billion. In contrast, bond funds suffered net withdrawals amounting to €17.7 billion in November, ending a nine month net positive run and bringing down their aggregate net inflows to €93.5 billion so far this year.
At the category level, Equity North America led with nearly €7.2 billion, followed by Equity Global at €4.9 billion in net new cash. By comparison, Equity Emerging Markets and Bond Emerging Markets witnessed €4.3 billion and €6.4 billion in net outflows, respectively, during November.
Eurizon EasyFund Treasury EUR T1, a Luxembourg-domiciled Bond Global product, was the bestselling fund this month attracting €1.3 billion in net subscriptions, benefiting largely from institutional investors.