A Billion here and a Billion there…pretty soon you’re talking about serious money

And these are pounds, not dollars, so it’s real money, that is being withdrawn from mutual funds in the UK, as noted in the Financial Times (credit for the original quote goes to Senator Dirksen although there’s some doubt he actually said it nobody can find the actual quote.. But how much is a Billion dollars anyway?):

Billions taken out of top UK mutual funds
By Ellen Kelleher and Kate Burgess

Published: February 15 2008 22:17 | Last updated: February 15 2008 22:17

Private investors have pulled billions of pounds out of some of the UK’s best-known mutual funds in recent months, in a sign of jitters about the downturn in markets and the economy.

Confidential fund sales data obtained by the Financial Times show the last three months of 2007 were among the worst on record for UK asset managers.

Fidelity suffered a net outflow of £977m from its UK funds in the fourth quarter, ceding its top ranking to Invesco Perpetual.

Standard Life reported net outflow of £492m and Norwich Union of £468m, according to data compiled by a UK fund research group. Outflows for Credit Suisse and Axa Framlington were £575m and £347m respectively.

Lipper Feri compiled the data from figures provided by asset managers. Analysts say heavy outflows continue this year and fund managers expect investors to take more money out if markets remain volatile.

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A Billion here and a Billion there…pretty soon you’re talking about serious money

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