Oct. 29, 2002 — Mutual fund assets worldwide dropped 1.7% between the first and second quarters of 2002, according to data compiled by the Investment Company Institute on behalf of the International Investment Funds Association, an organization of national mutual fund associations.Collecting statistics from 36 countries, ICI reported that fund assets globally stood at $11.56 trillion at the end of second quarter of 2002.
Assets of equity funds were $4.82 trillion at the end of the second quarter, down 8.1% since the end of the first quarter. ICI said the decline reflected falling stock prices throughout the world, but noted that depreciation in the U.S dollar moderated the magnitude of the decrease, measured in U.S. dollars.
Assets of other types funds actually rose over the quarter. Bond funds posted a 6.1% gain in assets, while assets of money-market funds and balanced/mixed funds rose 1.8% and 0.7%, respectively.