In the last month of 2010, equity funds finally saw net inflows.
Charts from Mike O’Rourke of BTIG:
But foreign equity funds dominated:
And actually, domestic fund flows were negative, still:
The bottom line: Fewer and fewer people need a mutual fund manager to buy American stocks for them. For foreign companies, people still need someone else, so if you want to get into that game, you better be offering to manage something that’s still uncomfortable for most people.