Mutual funds attract record amount of cash in 1Q

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Associated Press

Posted on April 10, 2013 at 4:01 PM

Updated Wednesday, Apr 10 at 4:02 PM

BOSTON (AP) — The flow of cash into mutual funds is at a record high for the first quarter.

Stock funds and bond funds attracted a combined $193 billion in the first three months of 2012, industry consultant Strategic Insight said on Wednesday. That tops the previous record of $140 billion in net deposits during the first quarter of 2007.

It is also a record when flows for exchange-traded funds are factored in. Total flows to conventional mutual funds and ETFs were $246 billion. The previous record was set in last year's first quarter, when the total flow to mutual funds and ETFs was $173 billion.

This year's figures suggest that investors are getting comfortable with stocks again following the financial meltdown and market plunge of 2008-2009.

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