Investors withdrew a record $49 billion from equity mutual funds in July, Lipper reported. This followed $13.8 billion in equity fund outflows in June [see MFMN 7/29/02].

"There was virtually indiscriminate selling across the board in equity funds," said Donald Cassidy, senior research analyst at Lipper. "Further evidence of the haste with which investors dumped their stock funds [was] the $31 billion" of net inflows into money funds, particularly "in light of very low interest rate returns."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.