Net sales of investment funds in Norway hit NOK7.5bn (€804m) in July, chiefly driven by institutional investor demand for fixed income funds, data from the Norwegian Fund and Asset Management Association (VFF) show.
Retail investments hit a net NOK1.2bn (€128m), of which some NOK530m went to equity and balanced funds, and some NOK620m went to fixed income funds.
Institutions added NOK6bn (€643m) of net investments through the month, of which NOK1.3bn went to equity funds and NOK4.7bn to fixed income funds on a net basis.
However, foreign investors continued to withdraw from Norwegian securities funds, selling off a net NOK600m (€64m) through the month.
An additional NOK907m was invested by Norwegians into personal long term savings plans – pensjonsmidler med fondsvalg – which includes both life insurance and individual pensions savings that offer self-selection choices. Most of the related net investments made this way went to equity funds.
The monthly net flows contributed to increasing total industry assets to NOK1,086bn (€116.5bn), which is an increase of NOK104bn (€11.1bn) or 11% since the start of 2017. Of this increase, some NOK60bn comes from new investments, while the remainder constitutes returns, VFF said.