(News Bulletin 247) – Credit Suisse suffered outflows of 4.6 billion euros in March, its largest ever recorded in a month, monthly data published by Morningstar showed on Friday.
These massive withdrawals coincided with a more global movement, which saw funds domiciled in Europe register a net outflow of 809 million euros last month, after an inflow of 21.7 billion euros in February.
This is the first negative month since November 2022, says Morningstar.
According to Valerio Baselli, senior editorial writer at Morningstar, these exits are explained by the caution of investors confronted at the same time with the threat of a global banking crisis, the specter of a recession and the prospect of a inflation more persistent than expected last month.
At the asset manager level, iShares topped the inflow, second place went to Swisscanto, while Royal London lost 8.6 billion euros.
At the fund level, Swedish pension fund AP7 Aktiefond attracted €4.4bn of capital, where Royal London US Equity Tilt saw the largest capital outflows.
Morningstar’s ‘European Asset Flows’ report analyzes each month the evolution of the assets of open funds and ETFs domiciled in Europe.
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