For the first month in five, investors were net redeemers of fund assets, withdrawing a close to $42 billion from the conventional funds business, according to a Lipper report released early Wednesday.
Flows from stock and mixed-equity funds dropped by nearly $20 billion, while some $43 billion moved out of money-market funds. Bond funds, on the other hand, gathered more than $21 billion in assets last month.
"For the second consecutive month, investors were net redeemers of [U.S. diversified equity, or USDE] funds in June, pulling out $21.9 billion," said Tom Roseen, head of research services for Lipper, in the recent report, entitled "Nervous Investors Redeem $41.8 Billion from the Conventional Funds Business in June."
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Janet Levaux
Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.
