Wealthy Investors that can afford to invest in hedge funds, private equity and venture capital have turned to mutual funds instead, Dow Jones reports.

 According to recent study done by the Spectrem Group, in the last two years investors worth more that $5 million have doubled the percentage of investable assets by allocating them to mutual funds, increasing their mutual fund holdings to 12% of their investable assets.

"As financial services firms have worked to provide exciting alternative investments for their wealthiest clients, these investors have chosen to put their money into a far more time-tested vehicle: mutual funds," said George H. Walper, president of Spectrem Group.

The move into mutual funds can be attributed to the fact that well-off investors have been making more cash deposits, Spectrem reports. Cash deposits have grown to 13%.

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