Investors in mutual funds in Europe are not of a single mind, the Financial Times reports. While the U.K., France and most of the nations in Eastern Europe are doing a brisk business, outflows are strong in Italy, Germany and Switzerland.

Funds in Italy experienced $15 billion in outflows in the first quarter, while funds in Germany lost $5 billion and those in Switzerland lost $2.7 billion. Investors in Italy and Germany, scared by the market turbulence in February, are putting most of their money in bank deposits and structured notes, while Swiss investors are investing directly in equities and real estate.

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