Net retail sales across UK recognised funds were negative in August for the first time since the EU referendum result.
Data from the Investment Association for August shows there were £217m outflows from UK authorised and recognised funds.
Outflows from UK equity funds continued in August amid Brexit uncertainty.
UK investors pulled £428m from UK equity funds and £303m from European equity funds during the month.
UK investors continue to look outwards, as global equity funds saw the highest inflows of £417m in the period. According to the data, there were £98m inflows into North American funds and £47m into emerging market funds in August.
IA chief executive Chris Cummings says: “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.”
AJ Bell personal finance analyst Laura Suter sees outflows as a sign of investors’ nerves.
Suter says the amount of money pulled from UK equity fund managers has reached £10.2bn since the Brexit vote 16 months ago.
Meanwhile, Tilney managing director Jason Hollands compares the Brexit process to “Japanese water torture” for investors.
Despite the outflows, the amount of money UK investors hold in funds did not change significantly, as the growing markets made up for the withdrawals.