British investors withdrew 564 million pounds ($747.47 million) from equity funds globally in September, the first outflows from equity funds in 11 months, due to concerns about the British economy and growth in the euro zone, the Calastone fund network said on Thursday.
Investors have been particularly negative towards UK-focused equity funds, Calastone said in a monthly report, withdrawing 666 million pounds from the sector following negative comments on the economy from the new government British.
“There is clearly increasing caution around growth,” said Edward Glyn, head of global markets at Calastone.
“The sharp drop in inflows into European funds is accompanied by a series of negative news from the euro zone,” he added.
UK investors also withdrew £769m from fixed income funds during the month, with selling concentrated ahead of interest rate decisions from the Bank of England, European Central Bank and Federal Reserve American, according to Calastone.
(1 dollar = 0.7545 pounds)
