Net retail sales hit a record £333m outflow in November, down from a £600.6m inflow in the corresponding month last year.
The latest IMA statistics revealed equities saw the largest sales outflow, £606m. Property funds in the specialist sector had an £253m outflow, while balanced funds were the most popular asset class with inflow of £169m.
ISA sales saw outflows of £50m, higher than the £31.4m outflow figure in October. UK All Companies was the most popular sector, with 25% of gross sales. In net terms, Cautious Managed was the most popular sector.
UK domiciled investment funds under management hit £462.3bn, down 4% from October but 16% higher than November 2006.
The IMA says the funds under management increase is mainly due to the inclusion of additional institutional funds in January 2007.
"November saw record retail outflows, with investors redeeming holdings in property, equities and bonds,” IMA chief executive Richard Saunders says.
“The negative trend was also evident in sales of non-UK funds and ISAs. But money market and balanced funds benefited from this mood of caution."
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From 6 April 2019