The European Fund and Asset Management Association has published the latest EFAMA Investment Fund Industry Fact Sheet.

Better-than-expected bank stress test results and economic climate in the Euro area contributed to improved investor confidence in July, leading to a jump in net inflows into long-term UCITS.

The main developments in July in the reporting countries can be summarised as follows:

• UCITS experienced a turnaround in asset flows in July to reach net inflows of EUR 5 billion, compared to net outflows of EUR 31 billion in June. This development was driven by a strong rebound in net inflows into long-term UCITS (UCITS excluding money market funds) to EUR 16 billion after net outflows in May and June, due to large inflows into bond funds (EUR 9 billion) and equity funds (EUR 5 billion).
  
• Money market funds experienced their eleventh month of net outflows, recording net outflows of EUR 11 billion in July, albeit at a slower pace than the EUR 31 billion in net outflows recorded in June.
  
• Special funds reserved for institutional investors continued to record large net inflows in June (EUR 7 billion). Real estate funds also recorded net inflows of EUR 1 billion.
  
• Total UCITS increased in July by 0.7%, whilst total non-UCITS rose 0.5% compared to June.