Slow train, but ready to pick up speed

The cross-border train continued to chug on through the holiday month of August, blowing its whistle to another period of robust inflows. It slowed somewhat, as is normal when European investors hop off to enjoy their vacation, but its pace remained considerably faster than equivalent periods in earlier years. All the major asset classes experienced a dip in their sales fortunes but the total for long-term funds still came to €25bn thanks, again, to another solid month of support for fixed income funds.

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