The German funds industry attracted net inflows of €49.6 bn in the first six months of the year, with open-ended property funds registering a record €4.4 bn, according to German funds association BVI.
The result continued the trend seen in 2015 when the industry collected €57.1 bn in the same period, but was still less than half the record volumes of 2000 when €110.2 bn of net inflows were recorded.
Year to date, at €46.9 bn, BVI said that Spezialfonds have been accounting for the lion's share of new business, while retail funds raised €3.8 bn net. Discretionary mandates registered outflows totalling €1.1 bn.
Balanced funds recorded inflows of €4.6 bn during the first half of the year, with bond-based balanced funds increasing in popularity by around 50%.
Open-ended property funds registered €4.4 bn of investment in the first six months, exceeding the volume of the entire previous year, when they attracted €3.3bn. As at the end of June 2016, these funds managed assets totalling €87 bn.
Equity funds recorded outflows to the tune of €2.5 bn net, which BVI said was partially due to equity ETFs seeing redemptions to the value of €3.2 bn.
As of the end of June 2016, the German fund industry managed assets to the value of €2.7 trillion for investors.