Offshore funds see net outflow

Overseas domiciled retail funds held by UK investors saw net outflows of £296m in January, according to latest figures from the Investment Management Association. This compares with net retail sales of £16.7m in January last year. Overall assets under management in overseas domiciled funds now stand at £16.3bn, up more than £2bn on a year ago. Both retail and institutional investors were net sellers of overseas domiciled funds in January. UK domiciled funds also saw net outflows. Richard Saunders, chief executive of the IMA, commented: "While January is traditionally a slower month in t...