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Mutual fund money pours into market { March 18 2004 } Original Source Link: (May no longer be active)    http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1079419767536 http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1079419767536 Mutual funds popular again despite scandal By Deborah Brewster in New York Published: March 18 2004 23:09 | Last Updated: March 18 2004 23:09 Despite mutual funds facing their biggest crisis in 60 years, investors are pouring money into the funds at a rate last seen in the boom year of 2000. The first quarter of this year is likely to show net inflows to balanced and equity funds close to the 2000 record of $134bn. The estimate, from fund tracker Strategic Insight, is based on inflows of $60bn in January, $40bn in February, and continued strong, albeit slowing, flows in March. Avi Nachmany, SI's director of research, said: "By their actions, fund investors continue to demonstrate a high degree of confidence in the stock market and in the mutual fund vehicle. While market fluctuations . . . continue to impact the level of new investments, sustained large stock fund inflows are likely even if equity markets remain in a trading range." Even bond funds, which are expected to show much lower returns than equity funds, have seen inflows, with $3bn going into bond funds in February. The inflows confirm investors' consistent response to the fund trading scandal regarding improper market timing trades and excessive fees that was triggered by an inquiry launched last September by Eliot Spitzer, New York attorney-general. Those fund companies named in the inquiry and ensuing investigations - such as Janus, Putnam, Alliance Capital and Strong - have seen big outflows of both retail and institutional money. However, investors appear to have simply transferred their money to other fund companies, not withdrawn from the industry. Larger companies have especially benefited, with the top three - Fidelity, Vanguard and American Funds - taking the bulk of inflows this year, as they did last year. More than 30 fund companies, brokerages and hedge funds remain implicated in the scandal. This week, Bank of America and FleetBoston became the latest to settle, agreeing to pay $675m to regulators in fines and restitution. That takes the settlement tally so far to $1.65bn - more than last year's $1.4bn Wall St settlement over biased research. With at least half a dozen fund settlements still to come - mostly smaller ones - the total could top $2bn. Strong inflows and the rising stock market helped the industry to pass $8,000bn in assets under management at the end of last year.

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