Norwegian securities funds attracted net inflows of NOK11.4bn (€1.2bn) in January, according to figures published by the Norwegian Fund and Asset Management Association (VFF).
Of this figure, some NOK2.3bn went to equity and balanced funds, while NOK8.9bn went to different types of fixed income funds. Total industry assets hit NOK1.141trn (€118bn) by month’s end.
A key trend spotted was a significant withdrawal by retail customers from fixed income funds – some NOK5.9bn. However, VFF said this does not indicate a stampede out of the asset class, as there is a technical reason for the flows: VFF said it believes the net sales are to a large degree linked to institutional assets being placed through nominee solutions, which are defined as individuals, and therefore are being wrongly identified as personal assets in the statistics.
The institutional figures suggest some NOK10.6bn of net inflows went into fixed income funds, while some NOK400m went to balanced and other funds, while NOK412m was withdrawn on a net basis from equity funds.
Additionally, there were net inflwos of NOK3.8bn to long term savings accounts offering fund self-selection. Assets for this group of savers/investors has hit NOK165bn (€17bn) VFF said.
Foreign investors put an additional net NOK1.4bn into local funds through January, it added.