European mutual funds suffer €19bn outflows in October

investmentweek.co.uk:

JP Morgan was the best-seller in Europe for October with €7.1bn inflows, while BlackRock has been the best-selling house for the year to date, attracting €64.4bn.

Long-term products faced significant losses as well, shedding €45bn over the month, reflecting the trajectory for the year to date, with outflows of €27.6bn.

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By comparison, ETFs attracted net inflows of €15.2bn, while money market products attracted the highest estimated net inflows for the month (€41.3bn), with bond products holding the title of best-selling asset type this year, posting €110.5bn of inflows.

Among fund houses, JP Morgan was the best-seller in Europe for October, LSEG Lipper found, with €7.1bn inflows, while BlackRock has been the best-selling house for the year to date, attracting €64.4bn.

Detlef Glow, head of EMEA research at LSEG Lipper, noted the European funds industry had witnessed overall outflows during the course of last month, in a backdrop of a «further unstable market environment».

Equity indices faced a «drawback» throughout October, he said, contributing to the overall caution from European investors.

Global ETFs garner $61bn inflows in September

Glow added: «More generally, the market sentiment in October was also driven by hopes that central banks — especially the US Federal Reserve — may have reached the last phase of its fight against high and further increasing inflation rates and may, therefore, start to keep interest rates at least stable quite soon. Some investors already think there might be room for decreasing interest rates later this year, which might be reflected by the estimated inflows in bond ETFs.

»Nevertheless, these estimates are under