PRESS DIGEST - Financial Times - Feb 16

Financial Times

BILLIONS TAKEN OUT OF MUTUAL FUNDS

In a further sign of worries about the downturn in markets and the economy, private investors have taken billions of pounds out of some of the UK's best-known mutual funds in recent months. Confidential data obtained by the Financial Times reveals that the last three months of 2007 were among the worst on record for UK asset managers. In the fourth quarter, Fidelity saw a net outflow of 977 million pounds from its funds, Standard Life(SL.L: Quote, Profile, Research, Stock Buzz) a 492 million pounds net outflow and Norwich Union a 468 million pounds net outflow. Credit Suisse(CSGN.VX: Quote, Profile, Research, Stock Buzz) and Axa Framlington(AXAF.PA: Quote, Profile, Research, Stock Buzz) saw net outflows of 575 million pounds and 347 million pounds respectively.

BANKRUPTCIES HIT RECORD HIGH IN 2007 BUT START TO TAIL OFF