Net outflows from equity funds in November were 3 billion pounds ($4 billion) – the second-worst month on record, topped only by the 3.6 billion pounds pulled in October. A total 10.4 billion pounds ($13.87 billion) have been withdrawn over six months, Calastone added.
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Every other day of November bar one prior to the budget had seen net selling, the data showed.
“The political narrative has played havoc with UK savers in recent months. Never have we seen such consistent or large-scale selling before,” said Edward Glyn, head of global markets at Calastone.
“The sudden halt in equity-fund outflows that took place after the budget was delivered is clear evidence that many investors were selling their holdings as concerns rose,” he added.
Investors instead sought out perceived safe havens, driving a record 1.3 billion pounds into money market funds and 643 million pounds into fixed income funds in November, the data also showed.
Reporting by Iain Withers; Editing by Paul Simao
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