Despite two months of improving stock markets, there was no respite for the French fund industry. The only asset classes to attract net flows were bond, money market and the newly-popular real estate sector. Total sales were €7bn, but long-term flows were in the red to the tune of €2.2bn. France is already running a year-to-date sales deficit of €4bn. In addition, it has been in the red since May 2018, with the exception of a sub-€100m net inflow in August.