Europe is experiencing a reversal.
The Financial Times writes:
The withdrawals brought to an end 12 months of almost continuous inflows, powered by confidence that the eurozone debt crisis had retreated and that the region’s economies were returning to growth. In the 12 months to July, assets under management at EPFR-tracked European equity funds expanded by 50 per cent to more than $1.2tn, one of the biggest sustained expansions since its records started in 1998.
The article also notes an increase in outflows from European equity funds since the first half of the year.