UK retail investment funds are heading towards their first full year of contraction in more than a decade, including during the financial crisis, with withdrawals already topping £25.8bn in the 10 months to October.
Funds have seen net monthly outflows for most of this year, with modest inflows reported only around the end of the financial year in April, when some investors top up their tax-free Isa holdings, according to data released this week by the Investment Association, an industry body.
Uncertainty has gripped the market in a climate of rising interest rates, high financial asset prices, inflation and recession. Even in 2008, net retail sales were a positive £4.8bn. Net sales were £43.6bn last year.
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