ECONOMY

Greek fund managers see 25 pct increase in net outflows

Greece?s money managers saw a 25 percent increase in the value of net outflows from mutual funds in 2011 compared with 2010, the Hellenic Fund and Asset Management Association said.

Equity assets managed were negatively affected by a 60 percent drop last year in the level of the Athens Exchange?s FTSE/ASE 20 large-cap index, the Athens-based group said in an e-mailed statement on Thursday.

Equities accounted for 22 percent of total mutual fund assets and bonds for 23 percent. The total value of UCITS mutual funds stood at 5.2 billion euros at the end of December, down from almost 8 billion euros at the end of 2010 and 5.9 billion euros at the end of the third quarter, according to the statement.

Undertakings for Collective Investment in Transferable Securities, or UCITS, is a regulated European fund format that allows managers to invest in derivatives, according to the European Commission?s website.

The total value of assets managed by the association?s 35 members, including real estate and closed-end funds, declined to 8.55 billion euros as of December 31 from 9.6 billion euros on September 30, the association said. [Bloomberg]