Reuters Funds Summit: A financial Chernobyl
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The mood in the asset management industry is ”very cautious, very realistic but not pessimistic” after the financial industry’s “Chernobyl” of Lehman Brothers collapse, according to Europe’s fund industry chief.
Peter De Proft, director general of the European Fund and Asset Management Association (EFAMA) told the Reuters Funds Summit, that the mood was now more optimistic. At least, certainly more so than 
4-5 months ago.
Lehman Brothers, though, was Chernobyl. ”Boom, it was the atomic bomb,” De Proft said, adding that many in the financial industry, including asset managers, appeared “shell-shocked” at the time.
Now he sees more optimism and backs it up with preliminary EFAMA data showing net inflows into investment funds in January, reversing the trend of outflows seen in the last quarter of 2008. Not huge, but positive, he says. February, meanwhile, was “presumably positive or break-even.”
But De Proft was under no illusion that it will take time for investors to venture back in big time. Then again, if you were a fund manager, what else could you bee but optimistic?
(Reuters photo: Andrew Winning)
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The minute you turn cash money over to those casino gamblers, you can kiss it goodbye. You will get lots of opaque statements in the mail saying that you own shares of this or that at so much per share, etc. If you ask for your money back, the result is blank stares, no calls returned, and no bottom line. Adios dineros….
With better regulation will come safer investing for all.
Michael Nolan Raleigh