The sub-prime and credit mess has led to money being pulled out of exchange traded funds (ETFs) and instead taking shelter in money market funds, reports Carl Delfeld of ETF XRAY.

EPFR Global, which tracks net investment flows by the world’s biggest equity managers, says all of the major equity funds and ETFs posted net outflows for the week ending November 14. Equity funds in emerging markets had $5.58 billion pulled out, while $5.07 billion was pulled out of developed markets.

If investors were leaving their money in emerging markets, they tended to favor the larger economies. Net inflows to Brazil, Korea, China and Russia totaled $878 million. The BRIC funds took in an additional $480.6 million.

On the flip side, money market funds took in $10.1 billion. That brings the net inflows since the beginning of August past $100 billion.

Tags: Asia, Brazil, China, Emerging Markets, India, Russia, South Korea