TAILIEUCHUNG - Trends in the European Investment Fund Industry in the Second Quarter of 2012 and Results for the First Half of 2012

It is unclear whether MMMFs, as currently structured, are really pass-through entities. Fund investors see no fluctuations in their share values based on changing interest rates or credit spreads. When fund losses materialize, it is usually the sponsors rather than investors who absorb them. And in the only recent example of investors being required to absorb a loss, a run was triggered on other funds that may have significantly impacted the broader economy absent government intervention. . | efama European Fund and Asset Management Association Quarterly Statistical Release September 2012 N 50 This release and other statistical releases are available on efama s website Trends in the European Investment Fund Industry in the Second Quarter of 2012 and Results for the First Half of 2012 This report was prepared by Bernard Delbecque Director of Economics and Research EFAMA The European Fund and Asset Management Association Rue Montoyer 47 - B-1000 BRUXELLES - Tel. Fax - e-mail info@ 2 Trends in the UCITS Market Net Sales by Investment Type A challenging second quarter of 2012 reduced net sales of UCITS to EUR 7 billion from EUR 91 billion in first quarter of the year. Net sales of long-term UCITS amounted to EUR 8 billion down from net inflows of EUR 70 billion recorded in the previous quarter. This was mainly attributable to equity funds which registered net outflows of EUR 28 billion in the second quarter. Balanced funds also registered a turnaround in net flows registering EUR 7 billion in net outflows in the second quarter. Money market funds registered net outflows of EUR 1 billion compared to net inflows of EUR 22 billion in the first quarter. On the other hand bond funds continued to record strong net inflows EUR 42 billion compared to EUR 49 billion in the first quarter . Overall in the first half of 2012 UCITS recorded net inflows of EUR 98 billion a significant turnaround compared to the second half of 2011 when UCITS suffered net outflows totalling EUR 133 billion. The rebound in net sales in 2012 was driven by net sales of long-term UCITS in the first quarter after the ECB launched its longer-term refinancing operations. EUR billions Net Sales into Bond Funds EUR billions Net Sales into Money Market Funds EUR billions Q2 Q1 Q2 Q3 Q4 Q1 2011 2012 100 -100 11 22 1 -30 -5 -1 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 EFAMA Quarterly Statistical Release N 50 Second Quarter of 2012 3 Trends in the UCITS Market .

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