Net inflows to Ucits funds fell in the second quarter, according to new statistics from the European Fund and Asset Management Association (EFAMA).

According to statistics covering the first half of the year, Ucits attracted €18bn in net inflows during the second quarter, down from €30bn in the first quarter. EFAMA attributed the fall to increased net outflows from money market funds, up to €30bn from €9bn in the first three months of the year.

Total net assets of Ucits slightly decreased during the second quarter, falling 0.5% to €5,921bn at end June. EFAMA said the fall reflected decreased net assets of money market and equity funds.

However, total net sales of long-term Ucits increased to €48bn, up from €39bn in the first quarter, with all long-term Ucits categories seeing increased net sales.

Ireland, Switzerland, Norway and Romania were the only countries to record growth in net assets during the quarter. Among the largest domiciles of Ucits, Luxembourg, France and the United Kingdom experienced decreases in net assets during the quarter of 0.6%, 2.0% and 0.3%, respectively.

Amongst the Nordic countries, Sweden, Finland and Denmark witnessed net asset declines over the quarter by 2.3%, 1.9% and 1.0%, respectively.

All Mediterranean countries suffered during the quarter with Greece enduring a fall of 12.7% in net assets, followed by Portugal (6.9%), Italy (3.4%) and Spain (2.3%). In Eastern Europe, Romania recorded strong growth of 6.0% due to continued strong net sales.

Total non-Ucits assets increased by 1% to stand at €2,183bn during the second quarter.

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