The flood of money being withdrawn from Europe’s equity and bond funds turned into a tidal wave in the first quarter of 2008, easily surpassing the level of redemptions seen after the bursting of the dotcom bubble PDF page 1, page 2,page3.

Investors withdrew a net €75bn (£60bn, $116bn) from equity funds in the first three months of the year, extending the net outflow of €7bn witnessed in 2007, according to data from Lipper Feri.