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european investors shifting bond focus to us

By , 12 Jan 12

The latest figures from Lipper show European investors shunning their own bonds and looking across the Atlantic for dollar-denominated propositions.

The latest figures from Lipper show European investors shunning their own bonds and looking across the Atlantic for dollar-denominated propositions.

According to the latest figures from Lipper, European investors moved $750m into dollar-denominated bond funds across government, corporate and short-term holdings, as well as a further $12.5bn into dollar-denominated money market funds. They also took €10.8bn out of euro-denominated bonds.

Overall, fixed income funds suffered more than their equity counterparts for the first time since April last year, with net withdrawals of €13.6bn and €10.5bn respectively.

Investors’ continued reticence over any kind of ‘risk’ asset saw a further €18.3bn piled into money market funds across the Continent. These inflows helped the European funds industry during the month see outflows of ‘only’ €9bn, the best figure for six months.

Looking at specific products, absolute return tell a good news/bad news story, with mixed asset/asset allocation funds attracting €500m (taking the year-to-date total to €8.5bn) but absolute return bond funds losing €750m (-€1.7bn YTD).

With December’s figures still to be collated, the pattern for 2011 is still set, with a divide between markets where investors were either the greatest net buyers ((Switzerland, UK and cross-border) and huge net sellers (France, Italy and Germany).

Tags: Lipper

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