Latest data from the European Fund and Asset Management Association (EFAMA) shows how investors fled the turmoil of the financial markets for safer havens - notably turning to money market funds.
A sharp swing in net flows was experienced in the money market funds sector as inflows of €33bn were recorded, compared to net outflows of €25bn in July. EFAMA reports that the month of August witnessed investors using these funds as a safe haven, in contrast to events of October 2008 which saw money market funds losing €19bn of net new money. UCITS lost out as net outflows rose from €20bn, up from €14bn recorded the previous month. EFAMA reports also reports a large turnaround in net inflows into money market funds was outpaced by significant outflows from all long-term UCITS categor...
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