Investors Pull £12B From Equity Funds After Brexit Vote
Law360, London (May 2, 2019, 2:42 PM BST) -- Investors have pulled £816 million ($1.1 billion) from U.K. equity funds this year, taking the amount they have withdrawn since the Brexit referendum in June 2016 to £12 billion, according to new data released on Thursday.
The Investment Association, which represents U.K. asset managers, said confusion about Britain's departure from the European Union is also encouraging savers to back away from equity funds in the bloc, where investors have withdrawn £1.4 billion since the start of 2019.
“Ongoing economic and Brexit uncertainty continued to impact Europe and UK equity funds,” Chris Cummings, the association’s chief executive, said in a statement.
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