Second Quarter Shows Lower Mutual Fund Assets

October 29, 2002 ( - Mutual fund assets are down 1.7% worldwide from the first quarter, according to the Investment Company Institute (ICI).

$11.56 trillion in total mutual fund assets were recorded at the end of the second quarter, down from $11.76 trillion recorded in the first quarter.   Assets in 25 of the 36 countries monitored were reported lower for this period. 

Equity funds lost 8.1%.   However bond, money market and balanced funds all gained, returning 6.1%, 1.8% and 0.7% respectively. 

$16 billion of total outflows were seen in the second quarter, driven by the $57 billion in money market redemptions, primarily in the United States. 

However equity, bond and balanced funds all showed inflows, gaining $21 billion, $9 billion and $6 billion respectively. 

Worldwide there are 52,428 mutual funds.   42% of these are equity funds, followed by money markets (26%), bond funds (20%), balanced funds (8%), and other/unclassified (4%).