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European funds see strong inflows

Strong flows into money market funds allowed European funds to return to positive territory in March, according to Lipper FMI’s Fund Flash Report.

The liquidity funds saw an injection of 9 billion (8.03 billion) so that total European net sales rose to 75m for the month.

Lipper says equity funds and those in the Other category saw net flows of 845m and 210m respectively ,with emerging markets, global and Chinese equity funds taking the bulk of the cash.

Gold funds continue to be popular, but bond outflows doubled relative to February.

The report says: Historic lows in European and UK interest rates may have led some fund managers to hope that bond fund flows would rise again, but the opposite was in fact true. Fixed income redemptions more than doubled to 6.8 billion in March, with support evaporating across Europe.

Fears of inflation from quantitative easing have kept most European investors out of the market, although the UK is diverging from the trend. Best-selling sectors were corporate investment grade sterling and euro bonds, the GBP sector attracting flows of 1.6 billion.

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