BIS Review 15/1997  -6-  The proportion invested in each country is determined on the basis of portfolio optimisation criteria; the amounts involved are large enough to affect securities prices even in medium-sized financial markets At the end of 1995 European institutional investors had raised $ trillion.
They are estimated to have invested 78 per cent of their resources, or $ trillion, in shares and bonds. Around $ trillion, or roughly a quarter of the total volume of intermediated funds, was invested outside the intermediary’s home country (Figure 7).