Bloomberg News

Greek Fund Managers See Slowdown in Outflows in Third Quarter

October 13, 2011

Oct. 13 (Bloomberg) -- Greece’s money managers saw a slowdown in the value of net outflows from mutual funds in the third quarter, the Hellenic Fund and Asset Management Association said.

Outflows from Greek-managed mutual funds fell to 286.9 million euros ($391.8 million) in the third quarter from about 443 million euros in the second quarter, the Athens-based Association said in an e-mailed statement today.

“Outflows from internationally positioned investment funds were often less than 1 percent of total assets,” Aris Xenofos, president of the association and managing director of EFG Eurobank Mutual Fund Management Co, part of Greece’s second- largest bank, said in the statement.

The total value of UCITS mutual funds stood at 5.9 billion euros at the end of September, compared with 7.1 billion euros at the end of June, according to the statement. UCITS, meaning Undertakings for Collective Investment in Transferable Securities, is a regulated European fund format that allows managers to invest in derivatives, according to the European Commission’s website.

The total value of assets managed by the association’s 35 members, including real-estate and closed-end funds, declined to 9.6 billion euros on Sept. 30, from 11.1 billion euros on June 30, according to the statement.

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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