Foreign investors accounted for a significant share of the NOK5bn (€518m) in net inflows to Norwegian funds in October, according to figures published by the Norwegian Fund and Asset Management Association (VFF).
Local retail investors were actually net sellers of funds through the month, particularly of different types of fixed interest funds (NOK-1.2bn), although positive net inflows to equity (NOK280m) and balanced funds (NOK370m) helped offset the withdrawals.
Total retail investments have now reached NOK230bn (€23.8bn) in securities funds, the Association reports. They have also put NOK157bn (€16.3bn) into a certain type of pension account that includes the ability to select funds.
Foreign investors in contrast were big buyers in October, accounting for some NOK2.56bn in net inflows to Norwegian funds, an taking their share of assets to NOK112bn (€11.6bn).
Local Norwegian institutional buyers put NOK2.4bn in on a net basis, of which NOK1.3bn went to equity and balanced funds, and NOK700m into different types of fixed interest funds.
Total net flows of NOK5bn to Norwegian funds in October means that total assets in the local securities funds market hit NOK1.146trn (€118.9bn), which is an increase of NOK165bn (€17bn) or 17% year to date, the Association said.