LONDON -(Dow Jones)- Investment fund assets worldwide increased in value to
EUR14.4 trillion in the second quarter of 2009, up 5.4% from the first quarter,
as some markets performed well and investors put fresh cash to work due to
growing confidence in an economic recovery, the European Fund and Asset
Management Association said Thursday.
The net cash flow to funds was
EUR84 billion in the second quarter as
investors poured
EUR240 billion into long-term vehicles but moved
$156 billion
out of money market funds, which are often used as a safe-haven investment
during times of crisis, EFAMA said in a quarterly report on fund flows.
"Part of this is the shift from money market funds into other funds because of
the return to calmer financial markets in April and because of the very low
interest rate offered on money market funds," said Bernard Delbecque, director
of economics and research at EFAMA.
The shift of cash into long-term funds, which ended an EUR425 billion outflow
over the previous three quarters, was comprised of an inflow of EUR68 billion to
equity funds and EUR26 billion to balanced or mixed vehicles, said EFAMA which
compiled the data from a range of national fund bodies around the world.
The shift out of money market funds followed an EUR405 billion net inflow over
the previous three quarters, the body said.
-By Adam Bradbery, Dow Jones Newswires; 44 20 7842 9305; adam.bradbery@
dowjones.com
(END) Dow Jones Newswires
10-29-091236ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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