Cash Continues To Surge Into Mutual Funds

By: Associated Press
By: Associated Press
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BOSTON (AP) -- The newfound confidence that investors showed at the start of the year held up through February.

Stock mutual funds continued to attract cash, although at a slower pace than in January. Bond funds also drew new money, putting the industry on track to potentially set a quarterly record for overall fund flows.

Industry consultant Strategic said that a net $6 billion was deposited into U.S. stock funds in February. That's down from $26 billion the previous month. Withdrawals had exceeded deposits for 10 months in a row before January.

Bond funds have consistently attracted cash in recent years, and that trend continues in 2013. Net deposits into bond funds totaled $22 billion last month, down from $42 billion in January.

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