Retail investors pulled £3.5 billion (€4.1 billion) from funds last month, with the majority of redemptions coming from equity funds.
Research by the Investment Association showed that last month equity funds lost £2.8 billion while property funds saw outflows of £1.4 billion.
Mixed asset funds fared slightly better but still saw redemptions of £191 million. As the search for safe haven assets continues, fixed income enjoyed its fourth consequence month of positive inflows with £258 million in June.
Guy Sears, the interim chief executive officer of the Investment Association says that last months outflows occurred during a time of intense market volatility. However, he also stated that these outflows occurred in the context of record levels of funds under management, at £984 billion.
“Clearly, Brexit has been unsettling, with property and equity funds particularly affected following earlier outflows during 2016,” said Sears.
©2016 funds europe
