Investors pull out of mutual funds
Investors pulled a net $22.9 billion from stock and bond funds in January as equity markets tumbled worldwide, according to data compiled by Financial Research Corp.
Fidelity Investments had more withdrawn from any other mutual fund family, with a net $9.9 billion leaving funds managed by the company.
Meanwhile, Vanguard Group Inc. collected a net $8 billion from investors last month, the most of any fund firm, according to Financial Research.
The Boston-based research firm’s data don’t include money market funds, said Vin Loporchio, a spokesman for Boston-based Fidelity. Clients deposited $20.3 billion into the company’s money market funds last month, he said, giving Fidelity a positive net inflow.
American Funds, run by Los Angeles-based Capital Group Cos., had $2 billion in net deposits into stock and bond funds last month.
Vanguard, based in Malvern, Pa., last year unseated American Funds as the bestselling mutual fund company for the first time since 2002.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.