US institutional investors were markedly less active in international equity markets in 2001 than in 2000, according to a new report.

US investors spent 25% less on buying and selling non-US equities last year than in 2000, according to a study by Greenwich Associates, the US financial services research firm. They spent just $1.2bn (€1.2bn) on commissions, compared with $1.6bn in 2000.