Why have fund investors shunned the Stock Exchange rally?

Equity funds posted yields of over 100% in the last year amid a rebound of the Stock Exchange, but were only able to attract around 200 new investors, whilst monetary funds, with yields of 15% at the most, drew in thousands of investors.
Some fund managers blame banks for the loss of interest in equity funds, whilst others believe investors fear a return of the crisis. Managers, however, admit that investors' trust is harder to earn than to lose.
Last year, when the main index of the stock exchange BET appreciated by over 60% and mutual funds fetched yields of up to 101.5%, which was the case of Active Dinamic fund, few investors were able to enjoy this performance. More specifically, whilst at the end of February 2009, 11,724 investors had invested in equity funds, at the end of last year equity funds counted only 147 more investors. Last year's progression is the opposite of what happened three years ago, when the outbreak of the financial crisis in the summer of 2007 "brought" another 800 new equity fund investors from August until the end of the year, although yields of these funds were dwindling.
"In 2006-2007 investors' reaction was less influenced by banks' sales networks. At present, however, equity funds have lost much of their appeal in part because banks sell their own money market funds and bond funds, which affects sales of riskier products, such as equity funds," said Eugen Voicu, president of investment management company Aviva Investors, which manages over 53 million RON in net assets.