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£1.2bn withdrawn from UK equity funds in May as clock towards Brexit ticks

With the clock ticking towards Britain’s exit from the EU, outflows from UK equity funds reached £1.2bn in May.

This is according to the Investment Association’s (IA) monthly statistics of UK investor behaviour, with UK All Companies proving the worst-selling IA sector with a £996m outflow.

Alastair Wainwright, the IA’s Fund Market Specialist, does however caveat that ‘UK equities are not necessarily reflective of the UK economy, given the high number of firms with international revenue bases listed in London.’

Nevertheless, Global funds were the best-selling in May in terms of regions with net retail sales of £460m, followed by North America (£211m) and Japan (£141m) funds.

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