* Largest weekly redemptions from bond funds of 2014 ($3.8bn) but strong inflows to equity funds ($5.5bn)
* Largest weekly redemptions from European equity funds in over 3 years ($4.6bn –Chart 1), of which UK (pre-Scottish referendum) accounted for $1.0 billion
* First EM equity outflows ($1.1bn) in 15 weeks following Sept EM underperformance
* 39th consecutive week of inflows to IG bond funds but…another week of big
* outflows from HY bond funds (outflows total $27bn past 10 weeks)
>>> Asset class flows
* Equities: $5.5bn inflows ($8.8bn into ETF’s vs $3.2bn out of LO funds) (boosted by RIA reallocation from bonds to equities)
* Bonds: $3.8bn outflows (largest weekly outflow YTD) (Table 1)
* Precious metals: $0.4bn outflows (4 straight weeks)
>>> Equity flows
* Europe: $4.6bn outflows (largest weekly outflows in more than 3 years – since Aug’11)
* EM: $1.1bn outflows (first outflows in 15 weeks) (Table 2)
* US: $8.7bn inflows (all via ETF’s – mainly SPY, IJH, IVV)
* Japan: flat
>>> FICC flows
* 39 straight weeks of inflows to IG bond funds ($3.1bn)
* 4 straight weeks of modest inflows to EM debt funds ($0.1bn)
* $3.2bn outflows from HY bond funds (largest in 6 weeks) (Chart 3)
* $2.9bn outflows from govt/tsy funds (largest in 13 weeks)
* 10 straight weeks of redemptions from floating-rate debt ($0.8bn)