According to data from fund analysts Lipper, outflows from European mutual funds deepened in June as fund managers sought to sell money market and bond funds for tax reasons.
The survey of approximately 27,000 European domiciled firms found total outflows amounted to €14.7 billion in June compared to a loss of €8.3 billion in May, largely as a result of corporate tax payments.
Particularly hard hit was the French fund industry which lost €5.6 billion last month, relegating the country to second place behind Luxembourg as Europe’s largest fund centre. Italy also saw €2.2 billion withdrawn from Eurozone bond funds for tax purposes in June.
One of the few countrys to benefit from fund inflows last month was Spain with €1.4 billion invested across all assets.
Meanwhile, Lipper, a Reuters company, noted continuing growth in the popularity of alternative assets such as hedge funds and real estate funds which attracted €499 million and €560 million respectively.
.Tags: Italy | Italy
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