UK funds take £1.8bn hit from market strife

Outflows in equities were the major cause, reaching £2.9bn for the month. UK funds under management for July were 1.6% down on the previous month, to £456bn, but still 22% higher than July 2006. The IMA says the funds under management boost is largely due to the inclusion of additional institutional funds from January; without this the increase from June 2006 would be 14%. Net retail sales for the period were £977m, of which £571m was invested in equities and £275m in balanced funds. The sector with the largest net retail inflows was the Specialist sector at £305m, of which £94m was...