Brexit volatility in the first half of the year caused asset managers to suffer their highest ever quarterly outflows in Q2, and net redemptions for two consecutive quarters for the first time in 30 years, according to the latest Pridham Report.
In the quarter covering the EU referendum, the report found investors withdrawing cash in June led to the highest ever outflows. However, eight out of the ten largest fund groups saw an increase in new business flows, indicating investors were switching between funds rather than withdrawing altogether. The top three management groups by net retail sales included Fundsmith, run by Terry Smith (pictured), Legal & General Investment Management and Hargreaves Lansdown. Fundsmith, which includes the Fundsmith Equity Income fund and Fundsmith Emerging Equity Trust (FEET), saw net retail ...
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