SUMMIT, N.J. Lipper Inc. sharply reduced its figure for outflows from mutual funds in February, blaming an internal calculation error that caused it to mistakenly report the month as establishing a new record for withdrawals.
Lipper said the culprit was its figure for domestic equity funds, recorded as $9.1 billion instead of $100 million. Because of that error, Lipper had estimated last Wednesday that net outflows for all mutual funds had totaled $11.4 million, a figure it revised on Friday to $2.4 billion.
While February was still the first net-outflow month since August 1998, October 1987 retains the record for all periods; net outflows that Black Monday month totaled $8 billion.
