Investors continued to draw money out of the UK in September, new figures out today show.
Net retail fund sales tracked by the Investment Association during the month totalled £664m overall, down from £1.7bn in August, with total funds under management coming in at £1 trillion.
Investors continued to pull money from UK equities, with outlows of £620m recorded in September, compared with £162m in August.
Outflows in the Europe region as a whole were down £192m, while global fund inflows of £447m were tracked.
“The sales figures show that the UK continued to be impacted by Brexit as investors drew money out of the region,” said Adrian Lowcock, investment director of Architas.
“However, the initial sell-off in property funds as money flowed out of the sector is being reversed as investors returned to the asset class.”
Alastair Wainwright, a fund market specialist at the Investment Association, said: “Despite global equity funds being popular in September with over £400m worth of sales, equity funds overall once again experienced a net retail outflow.
“Equity funds overall have seen outflows every month in 2016 so far.”