US investors pulled record amounts of money from mutual funds last month - nearly trebling the previous mark set during September 2001 - as they rushed to cash amid market turmoil.
By the close of business on Monday, investors had withdrawn $74.5bn during September, including $50.5bn from equity mutual funds and $24bn from bond funds, according to TrimTabs. In the eight months to the end of August, the funds had attracted total net inflows of $20bn.
Big outflows were under way before Monday's stock market meltdown. On Monday alone, however, investors pulled close to $10bn from equity funds.
Money market funds, which have traditionally been a beneficiary of mutual fund outflows, saw net outflows of $10bn on Monday, indicating that investors remain extremely jittery.
Source:Financial Times
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