More news of cash calls, bankruptcies, dividend cuts and longer job queues caused $10.4 billion in net outflows from EPFR Global-tracked equity funds in the week ending March 4, and another $2.47 billion in net outflows from bond funds.

Overall, only six of the 24 major equity, fixed income and sector fund groups tracked by EPFR Global managed to post inflows.

Money market funds, meanwhile, posted $12.8 billion in net inflows in the week ending March 4. Based in Massachusetts, EPFR tracks more than $10 trillion in assets in traditional and alternative funds worldwide.

At the country and regional level, emerging European funds continued to be hit hard, posting net outflows for the eighth straight week and for 36 of the past 39 weeks. China equity funds again surrendered over $300 million and net outflows from Korea equity funds jumped to a 65-week high of $216 million.

For the third week in a row all of the major equity fund groups focused primarily on developed markets recorded outflows, with Japan equity funds again the biggest loser in percentage terms and US equity funds in dollar terms.

Year-to-date net outflows from US equity funds now stand at $32.4 billion, while investors have removed $2.99 billion in net outflows from global equity funds. Japan equity funds have had net outflows of $1.72 billion and Europe equity funds have seen net outflows of $539 million.

If there is any consolation, it is that outflows so far this year have been at a considerably slower pace than over the same period in 2008, according to EPFR Global. When viewed in percentage of assets under management terms, however, outflows for all except Europe equity funds are running ahead of last year's pace, the firm adds.