L.A. Firm Again Leads in Mutual Fund Inflows
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Los Angeles-based American Funds led all mutual fund companies in net cash inflows to stock and bond funds in April, continuing the pattern of the last year, fund tracker Financial Research Corp. said Monday.
American Funds, which markets conservatively managed stock and bond funds, took in a net $8.7 billion in April. It was followed by Vanguard Group, with $4.6 billion in net inflows.
Putnam Investments and Janus Capital Group, two fund firms that recently settled lawsuits over alleged improper trading of fund shares, each had a 35th consecutive month of net withdrawals in April, the research firm said. Investors removed $2.5 billion more than they added to stock and bond funds at Putnam. Janus lost a net $1.4 billion.
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