Net retail sales suffered a massive £491m outflow in July, compared to inflows of £1bn in July 2007, the IMA says.
The figure was also a significant drop on June’s £139.5m inflows as slumps in the market and the impact of the credit crunch worried investors. Equity funds saw an outflow of £669m while there was an inflow of £334m into the ‘other' category, driven by absolute return funds with inflows of £232m. Property funds recorded net retail outflows of £76.5m while the Europe Excluding UK sector had the biggest outflows on £332.1m. Institutional holdings of unit trusts and OEICs saw an overall outflow of £1.9bn which included a £1.4bn withdrawal from bond funds. There was also bad news for ne...
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