Where did the smart money go in September?

While markets have been able to shrug off escalating geopolitical tensions, they have not found it so easy to ignore declining economic data. The US and UK continue to deliver strong growth but there are doubts over how long this can last in the face of waning eurozone performance. The result has been a re-embracing of safe haven assets such as government bonds, and a – so far – gentle sell-off in equities.  Fund flows have been influenced by a number of significant manager moves. Top of the heap was the departure of Bill Gross from Pimco. Over $23bn followed him out of the door but i...