For the last few years, Joseph Kelly, a certified financial planner, has kept most of his client’s money far away from Southern Europe.
It was simply too risky a region, according to Kelly of VALIC Financial Advisors, Bedminster, N.J. Six months ago, though, he had a change of heart. “People have given up on the region, but things are starting to move now,” he said. And it seems like a lot of people share Kelly’s view.
After years of seeing outflows from Southern European funds, investors are starting to come back. According to EPFR Global, a firm the tracks worldwide fund flows, $13.4 billion has poured into funds focused on Portugal, Italy, Greece and Spain—also known as the PIGS—since January.
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