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Investment fund assets fall 6.5% in November

Assets in investment funds managed by members of the Association of Hungarian Investment Fund and Asset Management Companies (BAMOSZ) fell 6.5% to HUF 3,306bn in November from the previous month, BAMOSZ said on Friday.

BAMOSZ attributed the decline to the sale of assets in closed-end share funds earlier transferred from private pension funds to the state as well as to losses of bond funds during the month.

Investors redeemed net HUF 157.2bn of investment fund units in November, including HUF 140bn in closed-end share funds.

Assets of bond funds fell the most, by 10% in November as yields climbed and investors sold the units.