Property and mortgage funds are haemorraging millions of dollars as investors withdraw their money.
The latest market report by Fund Source shows a total of $391 million flowed out of managed retail funds in the June quarter - $320 million of this was from the property and mortgage sectors.
The total outflow was double the amount in the same period last year.
At the same time, some property finance companies are hitting trouble - an estimated $3 billion investors' funds is frozen to date.
Fund Source says the tide is unlikely to change on the outflow.
It also says Kiwisaver's in-flow reached $311 million in the June quarter.
Fund Source is owned by NZX.