Another good month but momentum slows
Fund sales were solid at €29.6bn for long-term funds, but there were signs of investors moving back to their risk-on positions, and a comparison with Morningstar February data shows a third month of sales slippage.
Markets cautious as Cyprus issue explodes
This was an understandable response to stock markets that struggled to stay positive against the Cyprus bank debt backdrop, and in the wake of the inconclusive Italian election.
Bond funds, again, take the high ground
In a clear indication that investors, whilst flirting with equities, remain some way off the much-discussed bond-to-equity rotation. At €14bn, fixed income was on the rise again but remained distant from its recent highs.
Meanwhile equities stuttered
Net sales volumes of €4bn were modest. This was the sector's lowest point since November last year and suggests caution is once again stalking the retail streets.
What of retail investor recovery?
There was still some evidence of latecomers heading into funds. The strength of the large brands at the top of the sales ranking tables indicates continuation of bank platform involvement.
But, institutions and Asian investors were also in evidence
High yield bond funds came back to form after a brief period of quiet. US Dollar products, much favoured by Asian investors, saw volumes close to those of last year's high points.