European funds' fortunes reversed in May as UK vehicles record £571m in outflows

Mixed Asset funds top IA sector flows

Europe funds have reversed a four-month streak of net outflows as a period of strong performance from the continent’s stocks pushed the region into the black, with £101m of net inflows over May, according to the latest Investment Association (IA) fund flows.

Meanwhile, UK funds recorded heavy outflows, with £571m withdrawn over the month, while UK Equity Income topped the table as the worst-selling IA sector, contributing £375m of the negative flows. More than £22bn of assets languishing in underperforming multi-asset funds Global stood out as the best-selling region, drawing £736m in net retail sales, while North America took the silver spot with £206m and Asia also stayed positive, receiving £59m in net retail inflows. Property funds continued their long standing losing streak as they recorded £184m of net retail outflows during May....