In equities a meagre $41m of new money has come in globally overall, while in bonds the figure is just $0.4bn
The only real exceptions according to the data were emerging markets equities and investment grade bonds, which saw inflows of $3.4bn and $3.3bn respectively.
BAML said outflows from high-yield bond funds with inflows to investment grade funds is becoming ‘a well-established pattern’ as a move to quality intensifies. High yield funds have lost $2bn so far in September.
The developed world saw equities outflows across the board with US equities down $3bn, European equities down $1.1bn and Japan down $0.3bn.
The numbers serve to quantify the increasing nervousness and flight to quality that has been much talked about over recent weeks.
