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Thursday, October 31, 2002|
Funds Down $329 Billion in September
Now it is official that September was a tough month for the fund industry. The Investment Company Institute reports that assets in the fund industry fell by $329.2 billion to $6.059 trillion during September. Most of the loss was the result of market depreciation and not redemptions.
Interestingly, the bulk of the reported outflows during the month came from institutional, not retail, products.
Stock funds outflows were just of $16.1 billion in September, up from $3.06 billion in August. Domestic funds had an outflow of $14.47 billion in September, compared with an outflow of $561 million in August. Bond funds had an inflow of $15.88 billion in September, compared with an inflow of $17.42 billion in August and money market funds had an outflow of $62.46 billion in September, compared with an outflow of $38.74 billion in August.
Of the September outflow, funds that are offered primarily to institutions had an outflow of $51.76 billion. Funds that are offered primarily to individuals had an outflow of $10.70 billion.
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