Cross-border fund sales have almost doubled in the last month mainly due to the success of the equity sector, according to research by FERI. Sales rose by 93% compared to the previous month and, of that, 48% was contributed by equity fund sales.
The international groups that mainly comprise Luxembourg and Dublin companies achieved high sales by targeting the higher net worth investors.
July was an interesting month as a E24.2bn investment from European investors increased the average monthly volume by 58%. This investment was nearly four times the amount invested in the US even though the European"s total fund assets are half the size.
On the other end of the scale, some uncertainty prevailed about the recovery of the market, due to stalled returns from mutual funds and lower-than-expected volumes in a number of countries. However, this bearish behaviour did not seem to bother the market as all but two markets (Switzerland and Netherlands) remained in positive net sales territory.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till