OppenheimerFunds CEO John Murphy voiced his observations on the movement of investor dollars to more conservative destinations.

"People are panicking," Murphy was quoted as saying by The Boston Herald. "They're getting out at the bottom."

Asked where people are parking their money, Murphy, whose firm manages a total of about $220 billion of assets, joked: "Maybe under their mattresses."

Murphy would not give redemption numbers at Oppenheimer, merely saying that "not much" has been yanked by investors. He also said that financial advisers are not forcefully telling clients to stay the course amid these rocky times. 

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