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Muni funds reported $300.6 million of net
outflows in the week ended April 1, compared with $581.7 million
in inflows in the previous week, according to data released on
Thursday by Lipper, a unit of Thomson Reuters.
One institutional intermediate fund appears to have skewed the
results: JPMorgan's Tax Aware Real Return Fund-Institutional,
which shed $187.3 million, Lipper data showed. The fund now has
about $1.4 billion of assets under management.
Excluding that single result, total net muni outflows would have
been closer to $100 million, and "almost all of that would have
been from short and ultra-short muni funds," said Chris Mauro,
Director of municipal bond research at RBC Capital Markets.
"Flows out of very short duration funds are not unexpected this
close to April 15," he said, referring to the deadline for
filing taxes.
Fund managers at JPMorgan did not immediately respond to a
request for comment on Thursday.
(Reporting by Hilary Russ in New York)
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