The French continue to stash their cash

September is usually a difficult month for the French funds industry because institutional and corporate outflows dictated by the liquidity cycle converge with retail investor outflows and lead to big redemptions. Corporate treasurers have large outgoings to meet, such as rents and corporate taxes, mainly from money market funds, where €17bn was withdrawn in the latest month. Ex-liquidity sales were marginally in the red with net redemptions of €242m.

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