Brexit volatility in the first half of the year caused asset managers to suffer their highest ever quarterly outflows in Q2, and net redemptions for two consecutive quarters for the first time in 30 years, according to the latest Pridham Report.
In the quarter covering the EU referendum, the report found investors withdrawing cash in June led to the highest ever outflows. However, eight out of the ten largest fund groups saw an increase in new business flows, indicating investors were switching between funds rather than withdrawing altogether. The top three management groups by net retail sales included Fundsmith, run by Terry Smith (pictured), Legal & General Investment Management and Hargreaves Lansdown. Fundsmith, which includes the Fundsmith Equity fund and Fundsmith Emerging Equity Trust (FEET), saw net retail sales o...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
