Liontrust Asset Management said a net £1.6bn was pulled out of its funds in the three months to the end of September
A leading British fund manager said negativity towards the UK was partly to blame for clients withdrawing cash.
Liontrust Asset Management said £1.6billion was pulled out of its funds in the three months to the end of September as investors grappled with higher interest rates and jittery stock markets.
Assets under management fell 6.3 per cent to £27.7billion. Lured by more attractive returns on cash, investors are reducing their exposure to shares, which are heavily buffeted by geopolitical conflict and recession worries.
Chief executive John Ions said: ‘Liontrust has been impacted by our bias towards equities and the broad negative sentiment towards the UK.’
Separately, wealth manager Quilter said its assets under management stayed broadly flat with the previous quarter.
Liontrust shares fell 0.3 per cent, or 1.5p, to 553p. Quilter fell 6.4 per cent, or 5,4p, to 78.7p.
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