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Money market outflows continuing at Cofunds

Cofunds has seen outflows across money market funds in the past three months.

The platform saw net sales outflows of 0.8 per cent for money market funds in July following outflows of 0.9 and 1.7 per cent in May and June respectively.

Money market funds represented 7 per cent of all net sales on the platform last year but this figure fell to 3 per cent in the first quarter of 2009.

The funds hit the headlines last September when AIG’s enhanced fund, which was marketed as an alternative to a bank or building society account, was frozen after too many investors withdrew their money at the same time.

Cofunds business development manager Michelle Woodburn says: “We do not do a huge amount of business with money market funds and I would say that much is done on a fund by fund basis. Investors also have more options for their assets now, with equities and bonds looking far more attractive than they did at the end of last year.

Thames River has emerged as the third-biggest fund firm for net sales share in July on Cofunds. The firm represented 7 per cent of total sales, behind M&G and Invesco, with 24 per cent and 14 per cent respectively.

Woodburn says: “Much of Thames River’s success is coming through their multi-manager range, with all the funds catching the eye.”

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