The European mutual fund industry is expanding at a faster pace than the global fund rate and the U.S. fund tempo, according to a recent study.

The report, published in Cerulli Associates of Boston's CA Global Update, says Europe's $3.5 trillion mutual fund industry will expand at a compound annual growth rate of around 14% between 2002 and 2006. This will surpass the projected global expansion rate of 10% and dwarf the cumulative aggregate growth rate of the U.S., which is expected at 9%, according to the 400-page report.

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