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
Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.
