Growth in UCITS fund slowed in March due to weaker sales of equities and outflows from money market funds, but inflows continued, according to European Fund and Asset Management Association (EFAMA) figures published today.

Net sales of UCITS funds for the month were €38.3 billion, from €44.3bn the month before. Non UCITS sales, however, grew faster, with net sales of €18.2bn, from €11.7bn the month before. Net assets were up 2.2 per cent, according to the figures.

Sales were led by bonds, with €15.3 billion in net inflows following inflows of €12.7bn in February, while sales of equities slowed to €8.6bn, down from €13.7bn. Balance fund sales also saw stronger inflows, up to €12.9bn from €10.8bn in February. Money market funds, however, saw outflows of €2.4bn in March, reversing much of the growth from February and leaving them down €3.3bn for the year to date.

Overall, total net assets of the European investment fund industry stood at €9,341bn at end March 2013.

EFAMA director general Peter de Proft, said: “Despite renewed uncertainties caused by the bail-out package for Cyprus, total net sales of UCITS and non-UCITS remained in March at the same high level as in February, highlighting investor confidence about investment prospects."

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