That was the estimate in a press release from Strategic Insight (SI), a New York market research firm that provides mutual fund cash flow data.
Strategic Insight attributed the first quarter performance to:
- rising investor and consumer confidence,
- poor bank and money market yields,
- seasonal investments,
- the pace of retirement and 529 plan savings, and
- ongoing shift from individual equities into mutual funds
Strategic Insight said its first-quarter estimate is based on projections of March results, along with January and February data.
During February, SI estimated that open-end equity and balanced fund inflows exceeded $11 billion and bond fund inflows were also over $11 billion.
Money funds experienced modest redemptions, reversing persistent recent inflows by institutional investors.
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