Data provider EPFR Global said that the worries caused by the prevailing Greece financial problems would carry over until May, which have already damaged balance sheets, stunted Europe's growth prospect and the ability of riskier sovereign borrowers to tap credit markets.

According to EPFR, inflows into the funds tracked by them reflected some of the uncertainty, with Europe Equity Funds posting their biggest weekly outflow in nearly a year as of this week, while Commodity Sector Funds - with funds investing in precious metals to the fore -- had their best week on record.

EPFR senior analyst Cameron Brandt said: "The day-to-day flow numbers certainly faltered during the last couple of days in April. But there were signs of a rebound in early May and cash is still leaving Money Market Funds, so fear has yet to trump the desire to put capital back to work we've seen so far this year."

While the spike in risk appetite hit emerging markets equity funds and snapped High Yield

Bond Funds' 10-week inflow streak, it did not impact the robust flows that Emerging Markets

and Global Bond Funds have enjoyed in recent weeks. US and Japan Equity Funds

benefited from some good US data, as did several sector fund groups including Energy and Technology Sector Funds.

Overall, EPFR Global-tracked bond funds posted collective net inflows of $3.8 billion for the week while equity funds recorded outflows of $1.43 billion. Money Market Funds ended a week where they posted their biggest daily inflow year-to-date with net outflows of over $18 billion.

China 's crackdown on property speculation, Brazil 's recent interest rate hike and fears of reduced demand from the Eurozone kept the pressure on EPFR Global-tracked emerging markets equity funds during the week ending May 5. Of the four major EM fund groups, only the diversified Global Emerging Market Equity (GEM) Equity Funds managed to attract fresh cash. Asia ex-Japan, EMEA and Latin America Equity Funds posted outflows ranging from $8 million to $414 million.

In the case of Latin America Equity Funds, redemptions hit a 45-week high despite the commodities story offered by several key markets. "If you are risk averse, there's plenty in that region you might want to avoid," noted Brandt. "Inflation in Argentina and Venezuela is well into double digits, Brazil's interest rates are on the way up, Chile is digging out from an earthquake and electoral considerations coming to the fore in Mexico , Colombia , Venezuela and Brazil ."