Investors in Britain withdrew 2. 4 billion pounds ($2. 74 billion) from equity funds in September, making it the worst month, in the worst year ever for equity funds, funds Calston reported today.
Funds focused on investing in stocks were the hardest hit, selling £694 million ($793 million), making September the sixteenth consecutive month of outflows, and U. S. equity funds also saw their largest outflows on record, according to Calliston.
External flows point to investor distrust of Britain this year, a trend that has increased in recent weeks due to the announcement of Britain's "mini-budget" on September 23, which included huge unfunded tax costs that led to higher government bond yields and a fall in the pound.
The almost lukewarm attitude towards British assets shows no signs of fading, according to Calston's head of global markets, Edward Glenn.
Total outflows from equity funds, in the third quarter, were £4. 7 billion ($5. 7 billion), more than they exited in the whole of 2016.
Global markets have taken a hit in recent months, after major central banks raised interest rates in a bid to combat high inflation, despite slowing economic growth.
