UK funds recorded net retail outflows of £1bn in July as cautious investors continued to sell out of equity and property funds in the wake of June's Brexit vote.
The latest figures follow redemptions of £3.5bn from UK funds in June, in the immediate aftermath of the EU referendum outcome. Apart from global equity funds, which saw inflows of £172m, all other equity regions saw retail outflows in July, with UK equity funds losing the most at £1bn versus a 12-month average inflow of £131m. The property sector, which saw a host of fund suspensions and fair value adjustments over the month, recorded £792m of redemptions, following £1.4bn of outflows in the previous month. However, total funds under management rose by £40bn to a record high of £9...
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