A record $156.5 billion was withdrawn from mutual funds in Europe, according to the Lipper FMI report. All asset classes suffered net withdrawals. By comparison, U.S. mutual funds have lost $100 billion year-to-date, according to
Around the world, the mutual fund industry is struggling to maintain investors faith, Reuters reports.
Even money market funds lost assets in September, declining by $59 billion, for much the same reason as the $200 billion run on money market funds in the U.S. in the final two weeks of September; hearing about the demise of
Even European bond funds saw redemptions, of $28 billion. The European fund industry was not alone, although its pain was much more intense,
In the U.S., the combined assets of the nation's mutual funds decreased by $959.33 billion, or 8.3%, to $10.631 trillion in September, according to the
Stock funds posted an outflow of $56.15 billion in September, compared with an outflow of $19.71 billion in August. Among stock funds, world equity funds posted an outflow of $22.48 billion in September, versus an outflow of $17.41 billion in August. Funds that invest primarily in the U.S. had an outflow of $33.67 billion in September, versus an outflow of $2.30 billion in August.
Hybrid funds posted an outflow of $6.49 billion in September, compared with an outflow of $302 million in August. Bond funds had an outflow of $898 million in September, compared with an inflow of $7.87 billion in August. Taxable bond funds had an outflow of $274 million in September, whereas they took in $5.45 billion in August. Municipal bond funds had an outflow of $624 million in September, compared with an inflow of $2.42 billion in August.
