Mutual fund outflows stanched in November

Dec 17, 2008 @ 3:45 pm

By Andrew Coen

Net outflows were down 63% across the mutual fund industry in November, but most money managers still bled billions in assets, according to research released last week by Morningstar Inc.

Mutual fund company net outflows amounted to $41 billion in November, compared with $111 billion in October.

The largest outflows in November came in taxable-bond funds with $13 billion, compared with $33 billion in October.

Balanced funds had net outflows of $7 billion, versus $16 billion in October, while municipal-bond funds shed $2 billion, versus $9 billion the previous month.

One of the few large mutual fund companies to move back into the black in November was The Vanguard Group Inc., which had net inflows of $2.1 billion for the month, compared with net outflows of $5 billion in October.

Malvern, Pa.-based Vanguard likely benefited from the popularity of its Treasury funds, Russel Kinnel, director of mutual fund research for Chicago-based Morningstar, wrote in a commentary.

Los Angeles-based American Funds Distributors Inc. had the greatest net outflows in November, with $7 billion, compared with net outflows of $16 billion in October.

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