Assets under management in UK-held overseas domiciled investment funds fell by £1bn from May to June, according to latest figures from the Investment Management Association.
The total shrank from £17.2bn to £16.2bn, and is also £200m down on the June 2007 figure of £16.4bn. The sector saw net redemptions of £549.3m in June, after positive net sales of £415.1m in May. Institutions were bigger sellers than retail investors, redeeming £384.7m of the total. Overseas domiciled funds in the UK are still dwarfed by UK domiciled funds under management, which fell by nearly £30bn over the month, from £453.7bn to £425.2bn. With net redemptions of only £364m, this suggests over £28bn was lost because of falling markets.
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