Hub's October fund flows highlight market turmoil - Boston Business Journal:

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Half of the area's eight largest money manageras -- , , and -- saw net outflows totalinb $5 billion in October. State Street'a highly volatile exchange-traded funds accountefd for a majority, some $3.3 of those net withdrawals. Those net outflows came durinvg a turbulent stretch for the market as a as credit concerns and sign s of a possible recession ledto run-upa and then subsequent sell-offs of blue-chi stocks within the S&P 500 and Dow Jones Industriao Average. Indeed, both indexes ended the mont h back wherethey started.
Yet some of Boston's fund managers saw theirr assets rise despitethe market's reported roughly $2 billion in net inflows for October, a lift that broughty the fund giant's totak year-to-date inflows to $6.1 billion. Two Fidelit funds -- the $59 billion Fidelity Diversifieed Income Fund andthe $7.6 billion Fidelity Total Bond Fund -- were largely to credit for the company'e October inflows, combining for more than $1.6 billion in new client money during the 31-dayt period. Managed by William Bower sinceAprill 2001, Diversified Income was up more than 17 percen t as of Nov.
30 and has average d a near 23 percent annual return for fiveyears running, according to data provide d by in Chicago. The fund's holdings are spread amonyg tech firms, business servic providers and manufacturers, with its largest stake s targeting foreign issuers such asthe U.K.' Vodafone Group PLC and Germany's Bayer. Meanwhile, Total Bond is co-managerd by Ford O'Neil and Matthew Contii and holds asmattering fixed-income offerings that includew mortgage securities (33 percent of the U.S. government bonds (18 percent) and corporate and municipal creditissuances (21 The fund was up 4 percent as of Nov.
30 and has averagedc a 5 percent annual return for five years Fidelity ended Octoberwith $977 billionj in its stock and bond funds, thirdd behind Capital Research and Management's America n Funds ($1.2 trillion) and ($1.1 trillion). American Funde booked $5.4 billion in net inflows in Octobeer while Vanguardcollected $2.2 billion. Asset Management saw the second largestr inflowin October, netting $1.5 billion in new client money. The Bosto firm had booked $11.8 billio n in year-to-date inflows as of Oct. 31, rankinfg it ninth among all fundcompanies nationally. Natixis had $37 billionj in retail assets at the closre ofthe month. As an fund companies reported a total net inflowof $29.
65 billion in October. The fund numbers were compiled by in Boston and only represengt retail investment dollars ineach company's stock and bond Money market accounts and funds that targeft large institutional investors were not