European investors sell e3bn of equity funds

European investors sold e3bn of equity funds in September, the largest monthly outflow so far in 2002, according to research from Schroder Salomon Smith Barney. Outflows were dominated by Spanish and Italian investors, who sold a combined e2.2bn of equity funds, bringing the combined total sales for the two countries this year to EUR8.6b. The majority of redemptions came from non-domestic equity funds, with European investors increasing sales of European and globally focused equity funds for the fourth consecutive month.