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Money Management Executive

American Dominates Inflows Once Again

Published December 03, 2004, 1:00 a.m. EST
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Updated December 03, 2004, 1:00 a.m. EST
1 Min Read

October provided another opportunity for the seemingly unstoppable American Funds to top researchers’ monthly lists tracking net new inflows into large mutual fund providers, Reuters reports.

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Of the $13.9 billion accumulated by mutual fund providers last month, American Funds claimed the lion’s share, or $6.5 billion, a slight jump from $6.1 billion raised by the fund giant in September.

Financial advisers, who are the company’s main distribution source, praised the company’s funds for maintaining consistent performance during volatile market periods. American Funds’ flagship fund, the Growth Fund of America, was rewarded with $1.4 billion of inflows in October for eking out an 8.6% positive return this year.

Meanwhile, Putnam Investments emerged as the biggest loser in October, with investors withdrawing $3.2 billion. Putnam became a poster child in a widespread crackdown that began last year by receiving one of the first indictments from regulators. Janus, another company that sustained heavy damage in the scandals, bled $1.5 billion last month.

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 The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.


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