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Investors favour bond funds as they keep their eye on Europe

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With High Yield Bond Funds snapping a six week redemption streak, flows into all EPFR Global-tracked Bond Funds during the second week of January hit a two month high. 

Investors sought the perceived comforts of US fixed income and positioned themselves in anticipation of the European Central Bank's 22 January policy meeting. Hopes that this meeting will mark the start of a full-blown quantitative easing program saw Europe Equity Funds post inflows for only the second time in the past six weeks and helped Europe Bond Funds attract over USD1 billion for the second week running.

A recovery in flows to funds with high yield mandates did not translate into fresh money for Emerging Markets Equity or Bond Funds . Combined redemptions from these fund groups exceeded USD3.5 billion with funds dedicated to China a major contributor to the EM Equity Fund outflows.

Overall, EPFR Global-tracked Bond Funds absorbed a net USD6.9 billion versus outflows of USD2.65 billion for Equity Funds and USD8.43 billion for Money Market Funds during the week ending 14 January. Redemptions from Money Market Funds were driven by funds with US mandates. Europe Money Market Funds are off to their best start on record, having pulled in over USD27 billion during the first 13 days of 2015, as corporate and private clients appear willing to accept no return – or even pay a small premium – in return for liquidity.

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