Advisers are ditching mainstream UK-focussed funds, leading senior figures to assert that many are chasing returns and running the risk of missing out on a possible change in fortunes for the domestic market as well as jeopardising clients' capital.
According to Professional Adviser's own research, more than half of our panel of advisers said that they had in the past 12 months increased their clients' exposure to global markets at the expense of the UK (see page 23). This ties in with recent statistics from the IMA, showing UK All Companies as the sector with the biggest net retail outflows in June. In terms of total assets under management, the sector was valued at £97bn, down from £117bn a year earlier. UK Equity Income and Smaller Companies sectors have also suffered a drop, while Global Growth remained essentially flat at £30bn...
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