Europe's mutual fund industry grew 14.5% in 2004 as continued improvement in equity markets boosted assets under management to 3.54 million euros, according to a Reuters report citing Lipper.

The roughly 29,200 European-domiciled funds that participated in the survey generated inflows of 98.6 billion euros, or $127.9 billion, with a bulk of the new money invested in equity funds, particularly early in the year.

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