Net institutional sales in UK regulated funds were -£351m (around €396m) and net retail sales were -£217m in August 2018, driven by net outflows of -£308m in equity funds, the Investment Association said on 4 October. UK equity funds lost £429m.

The news site Citywire said: “That took the total pulled from sector funds to £10.2 billion since the Brexit vote in late June 2016.”

In the Investment Association’s press release, its chief executive, Chris Cummings, stated:

“The uncertainty in the Brexit negotiations continued to be a key factor denting investor confidence in August, with funds experiencing the first retail outflows since the EU referendum result. UK equities remain firmly out of favour, with European equities also experiencing another month of outflows. As the March 2019 Brexit deadline looms, investors are seeking to diversify and manage their risk with global and mixed asset funds attracting strong inflows, as did volatility managed funds.”

Total funds under management by UK firms was £1.3trn at the end of August 2018, which was nevertheless a rise from £1.2trn the year prior. Mixed asset and target absolute return funds saw net inflows.

The trade group represents British money managers and has said of itself: “Our 250 members manage £7.7trn of assets and employ 100,000 people across the UK.”