UK All Companies saw record net outflows of £852m in September, according to statistics released by the Investment Management Association (IMA) today.
The largest monthly outflow ever seen by the sector came at the start of a period of market volatility - the All Share dipped 3% in September - and at a time when high profile UK managers Simon Brazier and Julie Dean left their respective firms. Overall, net sales of investment funds stood at just £702m last month, the lowest since January 2013, with £606m of UK equity income fund sales making it the best-selling sector for the fourth consecutive month. While both European and UK equity funds saw significant outflows, Asia funds sold a net £163m against a twelve month average of £6m....
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