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European funds saw outflows of more than €20B in June

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European funds saw outflows of more than €20B in June

Investors pulled out more than €20 billion from the Europeanmutual fund industry in June amid concerns about the impact of the U.K.'svote to leave the EU,according to Thomson Reuters Lipper data.

Equity funds saw outflows of €19.2 billion in June whilemixed-asset funds suffered €4.0 billion of withdrawals. Bond funds andalternative undertakings for the collective investment in transferablesecurities, meanwhile, saw inflows of €1.0 billion and €700 million,respectively. Investors also bought commodity funds of €400 million and realestate products of €300 million.

The industry's net outflows of €20.6 billion in June werethe highest since June 2015 and higher than the €20.4 billion of funds redeemedin September 2015 when fears of a Chinese stock market bubble sparked a globalselloff, according to a July 19 FinancialTimes report.

Lipper said the single fund markets with the highest net inflowsin June were Ireland with €17.1 billion, Switzerland with €4.8 billion andGermany with €900 million. The single market with the highest net outflows, onthe other hand, was France with €24.7 billion; Luxembourg and Denmark sawoutflows of €13.2 billion and €1.0 billion, respectively.