January brought the seventh straight month of outflows for American Funds
, but the pace has slowed down. The Los Angeles-based fund giant saw outflows of $962 million, according to Morningstar
. The January figure is lower than average outflows of $1.8 billion that
American Funds experienced in the final six months of 2009.
An American Funds spokesperson declined to comment.
Looking at the industry as a whole, mutual funds had inflows of $44.5 billion in January, according to Morningstar. Domestic equity funds attracted $2.7 billion last month, snapping a four-month streak of outflows. International stock funds, for their part, pulled in more than $8.1 billion. This is the largest monthly inflow for the asset class since December 2007. On the bond side, $28 billion flowed to fixed income funds.
Industry assets totaled $746 billion last month, down 4.8 percent from December.
Meanwhile, ETFs saw $16.7 billion in net outflows in January. Total ETF net assets jumped 49.2
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