If November’s cross-border sales are a gauge of the overall health of Europe’s fund industry, it may be deduced that international providers are recovering from a seasonal bout of flu. While redemptions were distressing, they were a significant improvement on the previous month. Outflows of €21bn from long-term active funds paled compared to redemptions of €48bn recorded in October. Money market funds muddied the picture somewhat, bringing the overall tally for active outflows in November to €32bn. The standout winners, however, were traditional passive funds and ETFs. Adding their flows to the mix and excluding money market funds, November’s redemption tally is €17.6bn.