Smart money: where did investors' cash go last month

September was a tale of two markets. The month started in familiar fashion with bonds retaining support and equities widely unloved. But details of the eurozone’s purchase of sovereign bonds via the Outright Monetary Transactions programme cheered investors a little, while news that the German Constitutional Court had ratified the European Stability Mechanism also encouraged greater risk appetite. This was crowned by the announcement of QE3 by the Fed, which put a new spin on the global economic situation and saw investors dive back into riskier assets. According to EPFR Global, in...