Bloomberg News

Greek Fund Inflows Overtake Outflows in Second Quarter

July 12, 2012

Greek mutual funds recorded a net inflow in the second quarter, reversing the trend in the first quarter, the Hellenic Fund and Asset Management Association said.

Net inflows in the three months to June 30 reached 180 million euros ($219 million) as 355 million euros going into money market funds offset 175.7 million euros in outflows from other types of funds, the Athens-based group said in an e-mailed statement today.

Money market funds accounted for 23.3 percent of total mutual-fund assets compared with 16.1 percent in the first quarter. Bond funds accounted for 20.1 percent versus 21.2 percent and equity funds for 19 percent compared with 21.9 percent.

The total value of UCITS mutual funds stood at 5.19 billion euros at the end of June, down from 5.22 billion euros at the end of March, according to the group.

Undertakings for Collective Investment in Transferable Securities, or UCITS, 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 members, including real-estate and closed-end funds, declined to 8.2 billion euros from 8.55 billion euros at the end of 2011.

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

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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