The European Fund and Asset Management Association (EFAMA) announced that European UCITS and AIFs suffered net outflows of €137 billion in the third quarter of 2022.

EFAMA said this level of outflows has not been seen since the fourth quarter of 2008.

Net assets of UCITS and AIFs declined by 2.4%, ending the quarter slightly below €19 trillion.

The details are included in EFAMA’s European Quarterly Statistical Release for Q3 of 2022.

Bernard Delbecque, Senior Director for Economics and Research at EFAMA, said: “UCITS and AIFs suffered a level of net outflows (EUR 137 billion) not seen since Q4 2008.

“A combination of different factors, including high inflation, fears about the outlook for interest rates, and recession risks dampened investor confidence over the summer.

“Despite these difficult circumstances, demand for SFDR Article 9 funds remained sustained in Q3 2022, leading to an estimated total net sales of EUR 32 billion in the period from January to September 2022.”