IA reports first monthly retail outflows since Brexit vote

Negative retail sales in August

Monthly net retail sales were negative in August for the first time since 2016's EU referendum with £217m of outflows, according to data from the Investment Association.

European and UK equities were worst affected by negative sentiment, which meant total funds under management for the IA universe remained flat at £1.2trn.  UK equity funds, which combine the IA UK All Companies, UK Equity Income and UK Smaller Companies sectors, saw outflows of £429m, up from £315m of outflows in July.  The UK All Companies sector was the worst-selling sector overall, with outflows of £355.8m.  Investors' confidence in UK equities plummets further with £315m in outflows European equities was also out of favour with £303m of redemptions, nearly double the £156...