Cross-border investments by U.S. tax-exempt institutions grew 16% in...

Cross-border investments by U.S. tax-exempt institutions grew 16% in 1998, to $638 billion, according to an InterSec Research survey of 200 money managers. For the third consecutive year, 10% of total pension assets were invested overseas. Regional mandates were out of favor with U.S. pension funds, and EAFE remained the cornerstone of pension funds’ international equity investing, said Carol Parker, vice president of research. Net flow of tax-exempt assets into emerging markets last year was $6.5 billion, down from $10.8 billion in 1997.