UK Brexit flow data shows marked contrast

Two sets of data that illustrate investor behaviour in the UK around the time of the June Brexit vote showed vastly different levels of outflows. Morningstar said a net £5.7 billion (€6.7 billion) came out of UK-domiciled equity funds, while the UK funds industry’s trade body, the Investment Association (IA), said the net figure was £2.2 billion. The IA’s figure for outflows from property funds – a fund category particularly rocked by the Brexit vote – was higher: £792 million of redemptions compared to Morningstar’s £438 million. The data releases were made this week and it is understood that both organisations are speaking to resolve this. Morningstar said total net redemptions for UK-domiciled funds in all asset classes stood at £4.7 billion. The IA said there were net redemptions of £506 million. The IA said funds under management in the UK were at record high of £989 billion. ©2016 funds europe

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