UK funds recorded net retail outflows of £1bn in July as cautious investors continued to sell out of equity and property funds in the wake of June's Brexit vote.
The latest figures from the Investment Association follow redemptions of £3.5bn from UK funds in June, in the immediate aftermath of the European Union (EU) referendum outcome. Apart from global equity funds, which saw inflows of £172m, all other equity regions saw retail outflows in July, with UK equity funds losing the most at £1bn versus a 12-month average inflow of £131m. The property sector, which saw a host of fund suspensions and fair value adjustments over the month, recorded £792m of redemptions, following £1.4bn of outflows in the previous month. However, total funds unde...
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