Redemptions hit Finnish funds in May
Data published by Investment Research Finland for May suggest the domestic funds sector saw the biggest monthly redemption since the first half of 2010.
Net redemptions totalled some €1.4bn across all fund categories through the month - which coupled with market movements took total industry assets to some €114bn by the end of the month.
Equity funds saw net redemptions of €2.2bn. Some €1.4bn of equity fund redemptiosn were due to outflows from Finnish funds into foreign funds. Asset allocation funds saw redemptions of €26m.
Positive net flows of €350m went to bond funds, with a further €416m going into short term fixed income funds. Alternative funds experienced positive net flows of €13m.
By market share, Nordea Funds remains the biggest provider, with some 39.3% of the market. OP Fund Management Company has 20.8%, and Danske Invest has 8.8% to round out the top three.
Evli, 7.6%, FIM, 5.5% and Aktia, 4.3% make up the subsequent providers ranked by market share.
However, on the basis of actual net inflows recorded through May, Evli, eQ and FIM are the houses that did best. Nordea (€-1.735bn) and OP (€-205m) saw the biggest net outflows.
Source: Investment Research Finland
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