FUND management groups say their daily turnover has doubled as retail and institutional investors scramble to defend their positions against tumbling markets. The vast bulk of the deals were investors switching from equities into US dollar denominated cash and money market funds to shelter from the market turbulence. But some companies said their level of redemptions increased by up to 20 per cent in the wake of market falls. The volume of transactions generally reflected the market profile of the company with retail houses claiming higher volumes than those offering more specialist funds for more sophisticated investors. Most unit trust groups have a range of money market or cash funds enabling investors to switch from equities into cash free and then pay about one per cent to move back into equities when markets recover. This means an effective discount of about four per cent of the initial charge for moving back into equities. Jardine Fleming, the largest unit trust company, said investors have been switching from Asian equity funds into its range of nine currency funds. Retail transactions had doubled with about 80 per cent heading for cash and the remainder redeeming, Jardine Fleming Unit Trusts director Sandra Lee said: 'But we are not seeing a panic.' Barclays International Fund Managers regional director Roger Pyrke said transaction volumes had also doubled with a small net outflow for the day. Mr Pyrke said between 60 and 70 per cent of the business had been investors switching into currency accounts. 'It has been such a sharp correction that people have taken a mature approach. Even if they are worried about the medium term then they are hoping for a rise towards the end of the year or early next year,' he said. Fidelity Investments regional marketing director Richard Wastcoat said its turnover was about 20 per cent above average with a few large cash inflows - one investor placed US$5 million - resulting in a net inflow for the day. Most of the investors moving into cash went for US dollars and HK dollars with a minority seeking Australian dollars and yen. Rothschild Asset Management's marketing director Martin Ashe said it had also had a net inflow over the past two days and no investors switching into cash. Mr Ashe said its funds largely followed indexes and its investors were believed to be generally confident of a rebound.