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Investor demand for UCITS dropped sharply in Q1 2022

09 June 2022 | Press Release
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Brussels - The European Fund and Asset Management Association (EFAMA) has today published its European Quarterly Statistical Release for Q1 of 2022.


Bernard Delbecque, Senior Director for Economics and Research at EFAMA, commented: Unsurprisingly, investor demand for UCITS dropped sharply in the first quarter of 2022 due to the combination of several factors: the war in Ukraine, the lockdown in China, the rise in inflation, and the lack of positive signals from policymakers, as central banks have no choice but to raise interest rates and the leeway for governments to provide fiscal support is now severely constrained by large budget deficits.


The main developments through the quarter are as follows:


  • Net assets of UCITS and AIFs declined by 4.5%.
  • UCITS registered net outflows of EUR 90 billion, compared to net inflows of EUR 238 billion in Q4 2021.
    • UCITS equity funds continued to record net inflows (EUR 24 billion), compared to EUR 57 billion in Q1 2021.
    • UCITS bond funds and MMFs recorded large net outflows (EUR 50 billion and EUR 119 billion, respectively).
    • UCITS multi-asset funds recorded robust net sales (EUR 56 billion), compared to EUR 50 billion in Q4 2021.
  • Net outflows from AIFs increased to EUR 19 billion, from EUR 5 billion in Q4 2021.
    • AIF equity funds recorded net outflows of EUR 42 billion, compared to EUR 18 billion in Q4 2021.
    • AIF bond funds recorded modest net inflows (EUR 6 billion), whereas AIF MMFs suffered small net outflows (EUR 5 billion).
    • AIF multi-assets recorded net inflows of EUR 12 billion, compared to EUR 7 billion in Q4 2021.
  • European households’ net purchases of investment funds stayed at a high level in Q4 2021 (EUR 52 billion) and totalled EUR 245 billion for the full year 2021.



Notes to editors


About the EFAMA Quarterly Statistical Release:


The release is published by EFAMA every quarter and presents net sales and net assets data for UCITS and AIFs for 29 European countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, and United Kingdom. It also includes a section providing information on the owners of investment funds in Europe and their net purchases of funds.



For further information, please contact:


EFAMA Secretariat

Tel: +32 2 513 39 69


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