Emerging markets flows moderate in February

REUTERS - Emerging markets saw solid inflows of $12 billion in February, the second consecutive month of inflows, although less than in January, the Institute of International Finance said.

Portfolio inflows of $12 billion were split about evenly between debt and equity funds, according to IIF, after $23 billion of total inflows in January.

"EM portfolio flows have been very volatile in recent months," said Robin Koepke, an economist at the IIF and lead author of the report. "These gyrations are likely to continue in the period ahead as Fed interest rate hikes come closer and investors adjust their expectations of the likely pace of Fed tightening."

Since the end of 2013, the countries seeing the strongest inflows have been India, Indonesia and Brazil, although Brazil has seen outflows lately on concerns about the country's economy. Outflows have been most notable in Hungary, Thailand and Ukraine.

(Reporting By David Gaffen; Editing by David Gregorio)