During December long-term funds in local Europe and the cross-border space gained €13.9 billion in net flows, bringing their 2016 full-year result to €174 billion. Equity vehicles were the top selling asset class for the second consecutive month, collecting €9.4 billion in December, nearly 80% of which went to passive index funds and ETFs.
Mixed and Bond funds followed with €4.6 billion and €1.4 billion of net subscriptions, respectively, while real estate, guaranteed and other funds together suffered €1.4 billion in net redemptions for the month.
At the category level, Equity Global and Bond High Yield led the way, each attracting more than €5.5 billion in net new cash. By comparison, Equity Emerging Markets and Bond USD witnessed €4.4 billion and €2.2 billion in net outflows, respectively, during December.
Invesco Perpetual Global Targeted Returns, a U.K.-domiciled Absolute Return MultiAsset fund, was the best-selling product this month gathering nearly €1 billion in net subscriptions.