Global fund assets continued recovery in Q3 2009

* Global fund assets up 12 pct since end 2008

* Assets still short of 2007 peak

LONDON, Jan 27 (Reuters) - Global investment fund assets continued to claw back ground lost during the financial crisis as investors moved money out of safe havens, according to research published on Wednesday.

Data from the European fund industry association Efama said investment fund assets worldwide increased 6.2 percent in the third quarter of 2009.

But while fund assets grew 12.4 percent during the nine months to the end of September, the total reached of 15.28 trillion euros ($21,480 billion) is still short of the 18.21 trillion euros reached in the third quarter of 2007 on the eve of the crisis.

Balanced funds, which invest in multiple asset classes, accounted for much of the increase, posting net inflows of 46 billion euros during the third quarter compared with 26 billion euros in the previous three months.

Bond funds also saw an acceleration of inflows, accounting for 153 billion euros of gains over the period, up from flows of 121 billion euros in the second quarter and more than triple the 45 billion euros seen in the first.

However, inflows to equity funds slowed to a 47 billion euro increase, compared with an inflow of 68 billion euros in the second quarter.

Money market funds registered accelerating outflows as investors moved their assets out of safe havens. ($1=.7112 euros) (Reporting by Chris Vellacott; Editing by Greg Mahlich)