$16.9 billion moved from stock mutual funds in the seven days through Oct. 19, more than in any other week since August 2011, Investment Company Institute data showed on Wednesday. Stock exchange-traded funds took in $2.4 billion. The result can be attributed in large part to the conversion of some mutual funds to another investment product, ICI spokesman Matthew Beck said, though he declined to provide details. Despite strong markets, stock mutual funds are on pace to record a year of withdrawals comparable with the 2008 peak of the global financial crisis. (Source: Reuters) (VIEW LINK)
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