Worldwide Mutual Fund Assets and Flows
Fourth Quarter 2011

Washington, DC, April 12, 2012 - Mutual fund assets worldwide increased 2.4 percent to $23.78 trillion at the end of the fourth quarter of 2011. Worldwide net cash flow to all funds was $85 billion in the fourth quarter, compared to $171 billion of net outflows in the third quarter of 2011. Flows out of long-term funds slowed to $12 billion in the fourth quarter from an outflow of $108 billion in the previous quarter. Equity funds worldwide had net outflows of $70 billion in the fourth quarter compared to $108 billion of net outflows in the third quarter. Flows into bond funds totaled $66 billion in the fourth quarter, rising from $10 billion of net inflows in the previous quarter. Flows into money market funds were $97 billion in the fourth quarter of 2011, reversing the $63 billion of net outflows in the third quarter of 2011.

The Investment Company Institute compiles worldwide statistics on behalf of the International Investment Funds Association, an organization of national mutual fund associations. The collection for the fourth quarter of 2011 contains statistics from 46 countries.

Worldwide Mutual Fund Assets
Trillions of U.S. dollars, end of quarter

The growth rate of total mutual fund assets reported in U.S. dollars was made smaller by U.S. dollar appreciation. For example, on a U.S. dollar–denominated basis, mutual fund assets in Europe decreased by 1.3 percent in the fourth quarter, compared with an increase of 3.0 percent on a Euro-denominated basis.

On a U.S. dollar–denominated basis, equity fund assets increased 4.5 percent to $9.5 trillion at the end of the fourth quarter of 2011. Balanced/mixed fund assets rose 1.3 percent in the fourth quarter, and money market fund assets fell 1.6 percent due to a reclassification of some money market funds in Europe. Bond fund assets increased 3.1 percent in the fourth quarter to $5.8 trillion.

Worldwide Assets Of Equity, Bond, Money Market, And Balanced/Mixed Funds
Billions of U.S. dollars, end of quarter

Net cash flows into mutual funds worldwide were $85 billion in the fourth quarter of 2011. Flows out of equity funds worldwide were $70 billion in the fourth quarter, after experiencing $108 billion of net outflows in the third quarter of 2011. In the Americas, outflows from equity funds slowed in the fourth quarter to $30 billion versus net outflows of $69 billion in the third quarter. Outflows from European equity funds slowed to $39 billion in the fourth quarter compared to $60 billion of net inflows in the previous quarter.

Flows into bond funds worldwide rose to $66 billion in the fourth quarter of 2011, after registering $10 billion of net inflows in the third quarter. Bond funds reported $84 billion of net inflows in the Americas and $15 billion of net outflows in Europe in the fourth quarter, similar to the pattern of flows seen in the third quarter. In the Asia and Pacific region, bond funds recorded net outflows of $2 billion in the fourth quarter after witnessing net outflows of $13 billion in the third quarter.

Flows out of balanced/mixed funds worldwide totaled just $2 billion in the fourth quarter of 2011, compared with $20 billion of net outflows in the third quarter of 2011. Outflows from balanced/mixed funds in Europe were $12 billion in the fourth quarter versus inflows of $9 billion in the Americas.

Money market funds worldwide experienced $97 billion of net inflows in the fourth quarter of 2011, the first global inflow since the first quarter of 2009, and contrasts with the $63 billion of net outflows seen in the third quarter of 2011. These inflows reflect increased risk aversion amongst mutual fund investors in the fourth quarter, and positive inflows were recorded in the Americas, Europe, and Asia and Pacific regions. Money market funds in the Americas and in Europe posted net inflows of $61 billion and $15 billion, respectively, in the fourth quarter after witnessing net outflows of $54 billion and $6 billion, respectively, in the previous quarter. Money market funds in the Asia and Pacific region posted a net inflow of $23 billion in the fourth quarter, compared with $1 billion of net outflows in the third quarter.

Net Sales of Mutual Funds Worldwide
Billions of U.S. dollars

Note: Thirty-nine countries in 2010:Q1 and 2011:Q3; 40 countries reported in 2010:Q2; 41 countries reported in 2010:Q3, 2010:Q4, 2011:Q1, 2011:Q2 and 2011:Q4. Assets of reporting countries represented 93.4 percent of assets of all countries at the end of 2011:Q4. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. Components may not sum to total because of rounding or unclassified funds.

At the end of the fourth quarter of 2011, 40 percent of worldwide mutual fund assets were held in equity funds. The asset share of bond funds was 25 percent and the asset share of balanced/mixed funds was 12 percent. Money market fund assets represented 20 percent of the worldwide total.  

Percent of Worldwide Mutual Fund Assets By Type Of Fund, 2011:Q4

By region, 57 percent of worldwide assets were in the Americas in the fourth quarter of 2011, 30 percent were in Europe, and 13 percent were in Africa and the Asia and Pacific region.    

Percent of Worldwide Mutual Fund Assets By Region, 2011:Q4

The number of mutual funds worldwide stood at 72,657 at the end of the fourth quarter of 2011. By type of fund, 39 percent were equity funds, 23 percent were balanced/mixed funds, 18 percent were bond funds, and 4 percent were money market funds.  

Percent of Worldwide Mutual Fund Assets By Type of Fund, 2011:Q4

Note: Other/unclassified includes total funds in Ireland.

Total Net Assets, 2006-2011:Q4 
Billions of U.S. dollars, end of period

Source: National mutual fund associations; European Fund and Asset Management Association provides data for all European countries except Russia. 
¹Components may not sum to total because of rounding or unclassified funds. 
²Number of countries is 40. Components may not sum to total because of rounding.

Net Sales,¹ 2007-2011:Q4
Billions of U.S. dollars

Source: National mutual fund associations; European Fund and Asset Management Association provides data for all European countries except Russia.
¹Net sales are new sales plus reinvested dividends less redemptions plus net exchanges.
²Components may not sum to total because of rounding or unclassified funds.
³Number of countries is 31. Components may not sum to total because of rounding.

Number Of Funds, 2006-2011:Q4
End of period

Source: National mutual fund associations; European Fund and Asset Management Association  provides data for all European countries except Russia. 
¹Components may not sum to total because of unclassified funds.
²Number of countries is 40.