Bloomberg News

Higher Greek Stock, Bond Prices Boost Greek Mutual Funds

January 15, 2013

Greece’s mutual funds climbed almost 14 percent in value last year, boosted by a gain in Greek stock and government bond prices, the Hellenic Fund and Asset Management Association said.

The value of UCITS mutual funds rose to just under 5.95 billion euros ($7.93 billion) from 5.23 billion euros in 2011, the Athens-based group said in an e-mailed statement today. 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.

Money-market funds made up 17.8 percent of total mutual- fund assets on Dec. 31, up from 15.6 percent at the end of 2011. Bond funds accounted for 21.7 percent versus 23 percent, and equity funds for 21.9 percent compared with 20.7 percent.

The total value of assets managed by the association’s members, including real-estate and closed-end funds, increased to 9.41 billion euros last year from 8.48 billion euros in 2011.

Net outflows from Greek mutual funds reached 202.3 million euros last year, significantly lower than the 1.2 billion euros in outflows recorded in 2011, the association said.

Greece’s ASE Index was the best-performing western European market in 2012, surging 33 percent after dropping 52 percent in 2011, according to data compiled by Bloomberg.

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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