TAILIEUCHUNG - Trends in the European Investment Fund Industry in the Third Quarter of 2012

We agree with the Council’s proposed determination that the conduct, nature, size, scale, concentration, and interconnectedness of MMFs’ activities and practices could create or increase the risk of significant liquidity and credit problems spreading among bank holding companies, nonbank financial companies, and the financial markets of the United States. 3 For this reason, we support the Council’s efforts to address the structural vulnerabilities of MMFs by releasing the Proposal. . | efama European Fund and Asset Management Association Quarterly Statistical Release November 2012 N 51 This release and other statistical releases are available on efama s website Trends in the European Investment Fund Industry in the Third Quarter of 2012 This report was prepared by Bernard Delbecque and Jonathan Healy 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 Increased optimism in the third quarter on account of ECB policy action increased net sales of long-term UCITS to EUR 51 billion from EUR 8 billion in the second quarter. Bond funds recorded another quarter of strong net inflows amounting to EUR 50 billion up from EUR 42 billion in the second quarter. Balanced funds returned to positive territory during the quarter registering net inflows of EUR 10 billion against net outflows in the second quarter of EUR 7 billion and equity funds recorded reduced net outflows of EUR 9 billion in the third quarter compared to EUR 28 billion in the previous quarter. In parallel with these developments money market funds registered increased net outflows of EUR 31 billion compared to EUR 1 billion in the second quarter. Overall these developments led to an increase in the net sales of UCITS to EUR 20 billion in the third quarter from EUR 7 billion in the second quarter. 220 -200 Net Sales of Long-Term UCITS EUR billions 36 47 n 70 n 8 51 n n -78 u -61 Q1 2011 Q2 Q3 Q4 Q1 2012 Q2 Q3 nto Equity-Lir EUR billions Net Sales into Balanced Funds EUR billions Net Sales into Bond Funds EUR billions 2011 2012 EFAMA Quarterly Statistical Release N 51 Third Quarter of 2012 3 Trends in the UCITS Market Net Assets by Investment Type Long-term funds benefitted from sustained net inflows during the quarter in anticipation of ECB action to make progress against the euro area sovereign debt crisis. This can be

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