NEWS

Mutual fund assets decline

Mutual funds saw their assets slide by 4.83 percent to 23.25 billion euros in April from the previous month, the Union of Institutional Investors said yesterday. Bond mutual funds targeting overseas markets were the most successful; those offering foreign bonds reported a 20.76-percent increase in assets and a 21.47-percent rise in market share, with the return over the 30-day period amounting to 0.36 percent. International bond mutual funds also increased their assets by 6.82 percent and market share by 9.1 percent. Domestic bond mutual funds, on the other hand, saw their assets and market share plunge by 4.64 percent and 6.33 percent respectively. Domestic money market funds also reported declines in assets and market share, down by 4.34 percent and 3.87 percent respectively. Foreign and international money market funds had better luck, boosting their assets by 0.45 percent and 0.88 percent respectively. The former increased their market share by 0.05 percent while the latter saw its share drop by 0.19 percent. EFG Mutual Fund dominated the market with a 22.58-percent share, although this figure was 3.36 percent lower than at the beginning of the year. Alpha Bank’s mutual fund subsidiary came in second with a 16.34-percent share of the market, up by 0.52 percent. Hermes Mutual Fund reported the biggest gain over the four-month period, increasing its market share by 1.11 percent to 8.54 percent and putting it in fifth place.