EU watchdog warns fund investors over cash back promises

LONDON (Reuters) - The European Union's markets watchdog warned retail investors on Friday about putting cash into funds that may not be able to meet promises on refunds.The European Securities and Markets Authority (ESMA) said funds of funds and real estate funds have the highest percentage of retail investors, 31% and 21%, respectively, in the overall alternative investments sector.Many funds in the 739 billion euro (627.59 billion pounds) real estate subgroup offer investors their money back..