tailieunhanh - Trends in the European Investment Fund Industry in the First Quarter of 2012

Regardless of the motivation, sponsor behavior observed through these support instances suggests that while the costs can be significant, the perceived benefits at the time of support were greater to most fund sponsors. Understanding both the significance to the sponsor and their motivations would be important in making judgments as to whether investors should reasonably expect this model to continue, as it is possible that the sponsor value proposition could shift, especially where necessary support amounts are large. . | efama European Fund and Asset Management Association Quarterly Statistical Release May 2012 N 49 This release and other statistical releases are available on efama s website Trends in the European Investment Fund Industry in the First Quarter of 2012 This report was prepared by Bernard Delbecque Director of Economics and Research EFAMA The European Fund and Asset Management Association Rue Montoyer 47 - B-1000 BRUXELLES - Tel. Fax - e-mail info@ 2 Trends in the UCITS Market Net Sales by Investment Type A surge in net sales of UCITS in the first quarter of 2012 came on the back of increased investor confidence after the launch of the ECB s longer-term liquidity operations which helped alleviate tensions on financial markets. Net sales of UCITS leapt to EUR 91 billion in the first quarter up from net outflows of EUR 50 billion recorded in the previous quarter. Long-term funds experienced net inflows of EUR 70 billion a sharp turnaround compared to net outflows of EUR 61 billion in the fourth quarter of 2011. Equity funds registered net inflows of EUR 9 billion during the quarter up from net outflows of EUR 29 billion in the previous quarter. Bond funds registered strong net sales of EUR 49 billion during the quarter compared to net outflows of EUR 11 billion in the fourth quarter of 2011. Balanced funds witnessed net inflows of EUR 8 billion compared to net outflows of EUR 9 billion in the fourth quarter. Money market funds experienced net inflows for the second consecutive quarter registering EUR 22 billion of net inflows up from EUR 11 billion in the previous quarter. Net Sales of Long-Term UCITS EUR billions 36 47 70 n u -78 1 u -61 Q1 2011 Q2 Q3 Q4 Q1 2012 Net Sales into Equity-Linked Funds EUR billions Net Sales into Balanced Funds EUR billions Net Sales into Bond Funds EUR billions EFAMA Quarterly Statistical Release N 49 First Quarter of 2012 3 Trends in the UCITS Market Net Sales by Investment Type ECB .

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