Fund gloom returns to Europe

The fragile recovery in fund flows across Europe reversed sharply in February and March, according to data providers Lipper FMI. The downturn followed three months of inflows, as fund managers were hit by stock market falls and rising redemptions. The data show that in February, private investors withdrew a net €9.1bn in Europe with most markets suffering net outflows. The exception was the UK, Europe’s biggest mutual fund market, where net sales touched €1.1bn.