The Markets December 22, 2010

U.S. Leads in Mutual Fund Flows Year-to-Date

Year-to-date, mutual funds globally raked in $804 billion, according to data from Strategic Insight, an Asset International company.
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U.S. funds led the way with $384 billion in net inflows for the year, followed by International/Offshore with $259 billion. Europe Local funds took in $86 billion, while Asia funds posted net inflows of $56 billion. 

Money-market funds saw year-to-date outflows of $750 billion.  

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According to SI’s Global Mutual Fund FlowWatch report, U.S. Equity funds have pulled in a net $73 billion for the year, and International/Offshore Equity funds have posted a net inflow of $59 billion.  However, Europe Local equity funds and Asia equity funds lost ground with net outflows of $2 billion and $16 billion, respectfully. 

Bond funds were the strongest contenders during the year, with U.S. bond funds posting a net $305 billion year-to-date and International/Offshore bond funds gaining $160 billion. Europe Local bond funds pulled in $22 billion and Asia bond funds posted a net $65 billion inflow so far this year. 

Globally, more than $100 billion of new money went to long-term mutual funds during October, which were almost evenly split between fixed income products ($55 billion) and equity/mixed funds ($47 billion). On a regional level, the U.S. still led contributions and garnered $49 billion in flows, closely followed by Europe (including International/Offshore) with $47 billion. Long-term fund flows to Asia were flat, at $4 billion. Money-market funds worldwide saw over $30 billion in net redemptions during the month.  

Deals & People December 22, 2010

ProManage Names New Chief Investment Officer

ProManage, a firm that provides customized managed accounts, participant advice, plan metrics, and consulting services to defined contribution plan sponsors, has named a new CIO.

 

Reported by

Carl Londe, CEO and Tony Sabos, President of ProManage, LLC, have announced that Patrick Bourbon, CFA, has been promoted to Chief Investment Officer.

Bourbon joined ProManage with almost a decade as a portfolio manager and analyst at UBS Global Asset Management/Brinson Partners specializing in equity markets. At UBS, he co-managed and optimized two global technology funds, and co-created the new quantitative trading strategy. He also conducted fundamental research and financial due diligence on global technology companies, according to the announcement.

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Bourbon earned his CFA designation in 2003. He received his Masters in Finance from the Illinois Institute of Technology in Chicago and his Masters in Engineering at EPF Ecole d’Ingenieurs in Paris.

Londe and Sabos noted, “Patrick has proven himself to be worthy of the CIO position. He has brought a whole new level of discipline and sophistication to our investment function. We are particularly pleased with his ability to leverage resources outside of ProManage, including his consultant and academic network of contacts, to help us service our clients.”

Chicago-based ProManage was founded in 1998.

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