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UPDATE 1-Europe risks, rate hike fears prompt U.S. fund outflows

(Adds details on flows into mutual funds and ETFs, analyst
quote, table, byline)
    By Trevor Hunnicutt
    NEW YORK, Oct 6 Investors pulled $9.1 billion
from U.S.-based stock funds in the latest week, Lipper data
showed on Thursday, on growing anxiety about Brexit, the
stability of Deutsche Bank AG and the timing of the
next U.S. interest rate hike.
    This week UK Prime Minister Theresa May said a process to
take Britain out of the European Union would start by March 2017
and could be bumpy. 
    Concerns grew over Deutsche Bank as Germany's largest bank
fought a fine of up to $14 billion from the U.S. Department of
Justice. 
    The markets also digested remarks from regional Fed
presidents Loretta Mester and Jeffrey Lacker that seemed to hint
at a U.S. rate hike sooner rather than later. 
    Investors lacking confidence are "looking elsewhere to
better returns," said Thomson Reuters Lipper research analyst
Pat Keon.
    That has fueled U.S. fund investors' rotation this year from
stocks to bonds, which carries the risk that bonds lose value
when rates rise.
    Inflation-protected bond funds took in $209 million, the
most since July, according to Lipper, as some investors appear
to be bracing for a potential cycle of price hikes as rates
rise.
    Taxable bond funds overall took in $2.9 billion during the
seven days through Oct. 5, the data showed. More speculative
high-yield debt funds took in $1.9 billion.
    Investors turned against utility sector funds again, pulling
$390 million as the funds sank by an average of 4.7 percent in
their worst showing since August 2015, Lipper said. The funds
took in money over the prior two weeks after a punishing seven
weeks of outflows.
    Dividend-paying utilities had been popular as an alternative
to low-yielding bonds this year but could continue to lose their
appeal if bond yields rise.
    Financial sector funds took in $268 million during the week
after four weeks of outflows, the data showed. The sector is
seen having more room to boost revenues when rates rise.
    Real estate, recently carved out from financials as a
separate sector in some major indexes, posted $471 million in
withdrawals in their largest week of withdrawals since February,
according to Lipper.
    The research service also said money-market funds posted
$28.5 billion in withdrawals during the week, the largest for
those investments since July. This came ahead of reforms that
would force some funds to let their share prices float with the
market. 
    Keon said outflows should abate after the regulations take
effect next week. 
    The following is a broad breakdown of the flows for the
week, including ETFs:
 Sector                    Flow Chg  % Assets  Assets     Count
                           ($blns)             ($blns)    
 All Equity Funds          -9.141    -0.17     5,325.544  12,018
 Domestic Equities         -6.386    -0.17     3,741.148  8,568
 Non-Domestic Equities     -2.754    -0.17     1,584.396  3,450
 All Taxable Bond Funds    2.892     0.12      2,316.894  6,042
 All Money Market Funds    -28.498   -1.24     2,263.620  1,027
 All Municipal Bond Funds  0.325     0.08      395.445    1,413
 
 (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and
Richard Chang)

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