EUROPE - UCITS funds posted a net inflow of €22bn (US$30.6bn) for the first quarter of 2009 after six consecutive quarters of outflows, data by the European Fund and Asset Management Association (EFAMA) reveals.
EFAMA said: "As money markets started to recover from the shock waves from the bankruptcy of Lehman Brothers, money market funds regained their status of safe haven investment."
However, total net assets of UCITS fell by 1.4% in the first quarter to reach €4.5trn at the end of March 2009. Equity and balanced funds recorded the sharpest decline reflecting stock market losses, EFAMA concluded.
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