The seven largest fund houses in Boston saw assets under management surge 8% in April, boosted by a revival in the stock and bond markets and renewed faith by investors, who poured $42.1 billion into the funds during the month, the Boston Business Journal reports. The previous month, investors withdrew $6.3 billion.
The largest dollar gains were realized at Fidelity Investments, whose stock and bond fund assets rose by $47.7 billion to $568.8 billion, total.
Nonetheless, assets of the seven biggest fund companies for the trailing 12 months are still down by $73 billion, or 31%. The group also includes MFS Investment Management, Eaton Vance, Natixis Global Advisors, GMO LLC and State Street Corp.
The biggest loser over the past year ended April 30 was GMO, whose assets fell by 37% to $145.2 billion.