Fund Sales Fell in November
January 10, 2000
Net sales for stock and fixed-income mutual funds in November were down by more than 50 percent compared to October, according to Financial Research Corp. of Boston.
Net sales into stock and bond funds totaled $4.5 billion in November, down from $10.7 billion in October and $20.1 billion in November 1998, according to estimates from FRC, a mutual fund tracking and consulting firm. November flows into equity funds were $7.7 billion, down from $9.6 billion in October and nearly $13.6 billion for November 1998. FRC issued its estimates Dec. 29.
Janus of Denver remained the top selling fund complex for the second month in a row in November. Janus had $4.6 billion in net sales for November. The Vanguard Group of Malvern, Pa., the second-leading seller for the month, had net sales of nearly $1.6 billion, according to FRC.