TAILIEUCHUNG - Worldwide Investment Fund Assets and Flows Trends in the Fourth Quarter 2011

Effective cost management can be accessed from administrative expense ratio. Negative relationship between administrative expense ratio and mutual growth are confirmed as expected. This implies AMCs with higher effective cost management have higher growth. Positive relationship between funds growth and management fees is as expected but not statistically significant. Negative relationship between size of the AMCs and mutual fund growth is found. Effect from size is different from what the model expects. This may be interpreted as larger size AMCs are in business longer than those of smaller size. With larger size the increments in new investment of the. | efama European Fund and Asset Management Association International Statistical Release This release and additional tables of international statistics are available on efama s website org Worldwide Investment Fund Assets and Flows Trends in the Fourth Quarter 2011 Brussels 12 April 2012. Investment fund assets worldwide increased by percent in the fourth quarter to stand at trillion at end December 2011. Worldwide net cash inflows to all funds registered 83 billion in the fourth quarter compared to net outflows of 104 billion in the previous quarter. Net cash flows to long-term funds returned to positive territory in the fourth quarter recording net inflows of 11 billion compared to the net outflows of 58 billion in the third quarter. Equity funds continued to register net withdrawals during the quarter 52 billion compared to 79 billion in the previous quarter. Bond funds recorded increased net cash inflows amounting to 49 billion up from 7 billion in the third quarter. After recording net cash outflows for ten consecutive quarters money market funds registered net inflows of 72 billion in the fourth quarter of 2011. Overall in 2011 worldwide investment funds attracted net sales of 228 billion. Worldwide long-term funds registered net inflows totalling 335 billion in 2011 whereas money market funds recorded net outflows of 107 billion. The information presented in this report was compiled by EFAMA and the Investment Company Institute on behalf of the International Investment Funds Association an organization of national investment fund associations. The collection for the fourth quarter of 2011 contains statistics from 46 countries. Worldwide Investment Fund Assets Trillions of euros end of quarter 2008 2009 2010 2011 Including funds of funds. EFAMA International Statistical Release 2011 Q4 On a . dollar-denominated basis and taking into account funds of funds investment fund assets worldwide increased percent in the fourth quarter of 2011

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