GLOBAL - Net outflows from long-term investment funds worldwide slowed to €5bn (US$7.1bn) in the first quarter of 2009 after an average outflow of €211bn per quarter in the second half of 2008, data by the European Fund and Asset Management Association revealed.
The latest Trends in the Worldwide Investment Fund Industry survey by EFAMA found net outflows from equity funds slowed down in the first quarter, from €92bn at the end of 2008 to €31bn at the end of March 2009.
In contrast, bond funds experienced net inflows of €45bn in Q1 compared with net outflows of €119bn in Q4. Net flows into money market funds fell to €49bn in Q1 of 2009 from €337bn of net inflows in Q4 of 2008.
The movements in the different type of funds resulted in an increase of worldwide investment fund assets to €13.64trn during Q1, from €13.59trn at the end of 2008.
Equity fund assets represented 33% of all investment fund assets worldwide. The asset share of bond funds was 19% and money market funds 32%.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.