Squeezed on all fronts

After a narrowly positive showing in August, overall net flows in the cross-border arena reversed sharply into the red in September, sales weakness spanning both the long-term and money-market spheres. Investor sentiment appeared to be coloured by a mixture of caution, taking stock and general reappraisal of portfolios in the post-holiday atmosphere. With stock markets generally calmer, the equity class offered some token sales resistance, but all other major categories were in net deficit. Most strikingly, it was the first net negative month for mixed assets since mid-2012.

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