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ECB - European Central Bank : Euro area investment fund statistics

04/22/2013 | 04:45am US/Eastern
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22 April 2013

PRESS RELEASE EURO AREA INVESTMENT FUND STATISTICS FEBRUARY 2013

In February 2013, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €115 billion higher than in January 2013. This increase was due both to increases in share/unit prices and to net issues of shares/units.

The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to €6,737 billion in February 2013, from €6,622 billion in January 2013. Over the same period, the amount outstanding of shares/units issued by euro area money market funds increased to €902 billion, from €895 billion.

Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to €43 billion in February 2013, while transactions in shares/units issued by money market funds amounted to €2 billion.

The annual growth rate of shares/units issued by euro area investment funds other than money market funds, calculated on the basis of transactions, was 6.1% in February 2013, while the annual growth rate of shares/units issued by euro area money market funds was -3.4%.

Shares/units issued

(EUR billions and annual growth rates; not seasonally adjusted; amounts outstanding at the end of the period, transactions during the period)

2012

2013

Investment funds other than money market funds:

Nov. Dec. Jan. Feb.

Amount outstanding 6,464 6,560 6,622 6,737

Transactions 32 52 54 43

Annual growth rate (%) 4.7 5.5 6.0 6.1

Money market funds:

Amount outstanding 946 911 895 902

Transactions 2 -30 -3 2

Annual growth rate (%) 0.9 -2.3 -3.2 -3.4

Source: ECB.

1 Transactions in shares/units issued mainly reflect the difference between shares/units issued and those redeemed, but may also include other transactions, such as those resulting from dividend payments received or distributed by the fund.

- 2 -

In terms of the breakdown by investment policy, the annual growth rate of shares/units issued by bond funds was 11.7% in February 2013. Transactions in shares/units issued by bond funds amounted to €13 billion in February 2013. The annual growth rate and transactions of equity funds were 1.7% and €11 billion respectively. For mixed funds, the corresponding figures were 5.2% and €15 billion.

Notes

• Money market funds are presented separately in this press release since they are classified in the monetary financial institutions sector within the European statistical framework, while other types of investment fund are classified in the other financial intermediaries sector.

• Further predefined tables, statistical data and methodological notes, as well as the advance release calendar, are available in the "Statistics" section of the ECB's website under "Euro area investment fund statistics" (http://www.ecb.europa.eu/stats/money/funds/html/index.en.html) and "The balance sheets of monetary financial institutions" (http://www.ecb.europa.eu/stats/money/aggregates/bsheets/html/index.en.html).

• A new set of tables showing investment fund balance sheets for the euro area, euro area countries and non-euro area EU countries together with a user-friendly facility for downloading data is available in the ECB's Statistical Data Warehouse at http://sdw.ecb.europa.eu/reports.do?node=1000003419 .

European Central Bank

Directorate General Communications and Language Services

Press and Information Division Kaiserstrasse 29, D-60311 Frankfurt am Main Tel.: +49 69 1344 7455, Fax: + 49 69 1344 7404

Internet: http://www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Table 1 Investment fund shares/units issued by euro area investment funds other than money market funds

(EUR billions and annual percentage changes; not seasonally adjusted; amounts outstanding at the end of the period; transactions during the period)

JANUARY 2013

FEBRUARY 2013

Amount outstanding

Transactions

Annual percentage change 1)

Amount outstanding

Transactions

Annual percentage change 1)

Breakdown by investment policy2)

Bond funds Equity funds Mixed funds

Real estate funds Hedge funds Other funds

Breakdown by type of fund3)

Open-end funds

Closed-end funds

Total


1) Annual percentage changes are calculated on the basis of transactions.
2) The breakdown by investment policy is generally based on the types of asset in which the investment funds primarily invest, usually on the basis of a stated strategy (e.g. if the fund invests primarily in shares and other equity, it is allocated to the "equity funds" category). Funds investing in both equity and bonds, without any prevalent policy for either, are allocated to the "mixed funds" category. Hedge funds are classified in line with the statistical definition set out in Guideline ECB/2007/9. In particular, they cover funds with relatively unconstrained investment strategies and few restrictions on the types of financial asset in which they may invest. If a fund cannot be classified as an equity, bond, mixed, real estate or hedge fund, it is included in the residual "other funds" category.

3) The shares/units of open-end funds can be redeemed out of the fund's assets. Closed-end funds are funds with a fixed number of issued shares/units.

Chart 1 Investment fund shares/units issued by euro area investment funds other than money market funds

(EUR billions; not seasonally adjusted; outstanding amounts at the end of the period; transactions during the period; monthly data)

300

transactions other changes * difference in amounts outstanding

300

200

200

100

100

0 0

-100

-100

-200

-200

-300

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010 2011 2012

-300


*) Other changes consist of revaluations due to price and exchange rate changes, as well as statistical reclassifications.

Chart 2 Transactions in shares/units issued by investment policy of euro area investment funds other than money market funds

(EUR billions; not seasonally adjusted; transactions during the period; monthly data)

bond funds equity funds mixed funds real estate funds hedge funds other funds total transactions


80 80
60 60
40 40
20 20
0 0
-20
-20
-40
-40
-60
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010 2011 2012
-60

Source: ECB.

ECB Euro area investment fund statistics

April 2013

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