Mutual fund assets worldwide grew 6.7% to $24.32 trillion for the quarter ended June 30, up from a 4.9% gain for the prior quarter, the Investment Company Institute said today. Net inflows for the second quarter came to $434 billion, up from $417 billion for the first quarter, making it the third quarter in a row above the $400 billion mark, according to an ICI news release.
However, the latest gains were buoyed by the U.S. dollars decline in currency markets, which added to the dollar-denominated value of overseas assets. For example, mutual fund assets in Europe rose 4.3% in the second quarter on a euro-denominated basis, but 5.8% on a dollar-denominated basis.
For the latest quarter, net inflows came to $104 billion for equity funds worldwide, down from $118 billion in the first quarter; $989 billion for bond funds, up from $69 billion; $139 billion for money market funds, up from $134 billion; and $59 billion for balanced funds, down from $69 billion.