The German fund industry witnessed net inflows of €24.5bn during the first quarter 2019, according the German Investment Funds Association (BVI).
With inflows of €23.8bn, open-ended Spezialfonds were the main driver of new business.
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Despite a positive performance by property and equity funds, open-ended retail funds registered outflows to the tune of €2.2bn.
In the open-ended retail fund segment, property funds topped the sales chart collecting €3bn in net inflows during the first quarter.
As reported by PBI this month, German HNWIs are increasingly investing in property and funds are a popular way of gaining exposure to this asset class.
Closed-ended funds witnessed inflows of €0.7bn year to date, while discretionary mandates reported inflows of €2.2bn.
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By GlobalDataGerman fund firms managed assets totalling €3.14 trillion as at the end of March this year, an increase of 6% compared to €2.95 trillion at the end of December 2018.
Equity funds registered recorded inflows of €1.4bn, with actively managed funds accounting for €2.4bn in inflows while equity ETFs registered outflows of €1bn.
Balanced funds effectively generated no new business at all, BVI report said. This was their weakest start to a year since 2009, when they reported outflows totalling €1.4bn during the first quarter.
Money market funds and bond funds saw outflows of €5.1bn. Euro short-term bond funds alone were sold by investors to the value of €5.4bn.
The net assets in property funds managed by fund companies grew to €200bn from €175bn at the end of March 2018.
Open-ended retail funds accounted for €101.1bn of this volume, while open-ended Spezialfonds and closed-ended funds accounted for €92.2bn and €6.3bn, respectively.
