Appearances are deceptive

The domestic arena rounded off a moderately positive first half-year at headline level, with the pace of overall net inflows increasing slightly in June. However, this month’s increased net inflow cannot be taken at face value. In reality, it was essentially an inhouse rotation as domestic big gun CaixaBank created some new funds based on existing assets. Discounting these, the picture is far less rosy; nevertheless, overall net flows for the first half-year were still moderately in the black. However weak sales in third-party funds of funds persisted. With year-to-date positives and negatives evenly balanced, the likely direction of domestic sales in the coming months hangs in the balance.

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