Long-term European funds experienced outflows of more than €23bn in December and €119bn in 2011 according to a Morningstar research report.
Figures taken from over 27,000 funds that Morningstar tracks from 1,100 fund companies also revealed that nearly €70bn flowed out of equity funds; with €44bn flowing out of fixed income. Only allocation funds experienced net positive inflows.
In addition the report revealed that the British pound and US dollar money market funds saw inflows as a result of investors fleeing the euro.
Morningstar product manager for asset flows Syl Flood said: “The data is showing us just what a bad year it was for the European funds industry.” He added that investors have been “scared away from all kinds of funds, with outflows seen in equities, fixed income and money market funds and even guaranteed funds, apparently designed to outperform in any market, weren’t popular.”
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