Mutual Funds Surpass $6 Trillion
July 30, 1999
Investors pushed the assets of mutual funds past the $6 trillion mark in June as they poured money into bond and equity funds.
- As of June 30, 1999, fund industry assets reached $6.1 trillion, according to the Investment Company Institute.
- Assets crossed $5 trillion in April 1998 -- having climbed from just $1 trillion as recently as January 1990.
- Stock funds accounted for $3.4 trillion of June's total, as investors added a net $19.2 billion during the month.
- But thanks to the stock market's downturn in July, only $7.6 billion in net new money is expected to be added this month.
Investors added $1.8 billion to taxable bond funds in June, having taken out $1.6 billion in May. Tax-free municipal bond funds attracted $1.8 billion in June versus $357 million in May.
Source: John Waggoner, "Mutual Fund Assets Soar Past the $6 Trillion Mark," USA Today, July 30, 1999.
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