Fund sales in Europe and Hong Kong declined in June, according to separate reports.
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Net new sales of funds to Hong Kong retail investors fell 68.3% from May, said the Hong Kong Investment Funds Association, and European investors pulled a record $30.8 billion from funds during the month. The association, which represents 45 fund managers, said retail investors bought $1.34 billion of funds in June but that market conditions prompted $1.07 billion of outflows.
Feri, a European fund research company, said the outflows there were the largest since it began tracking the industry in 2001 - nearly twice as big as those in September 2001 after the terrorist attacks in the United States.
