-The combined assets of the investment fund market in Europe, i.e. the market for
UCITS and other nationally regulated types of investment funds, fell by 5.2% during the third quarter of 2002 and by 7.4% since the beginning of the year. Not surprisingly, the decline was concentrated in equity funds, which were heavily hit by the astounding decline in worldwide share prices recorded during the summer. In this context, bond funds, money market funds and real-estate funds continued to play their role as safe haven savings vehicles.
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