The latest figures from the Investment Management Association show offshore funds under management fell to 16.2bn in June, compared with 17.2bn in May. It is also down slightly from the 16.37bn overseas funds under management in June 2007. Overseas Isa assets fell 13 by per cent to 304m month on month,while retail sales of overseas domiciled investment fund Isas saw outflows of 1.9m for June, compared with outflows of 100,000 in May.
IMA chief executive Richard Saunders says: “Net retail sales of both onshore and offshore funds returned in June to the subdued levels of earlier in the year. The exception was the new absolute return sector, which saw inflows of over 200m and now stands above 2bn. Taken with the continued outflows from equity funds, this clearly demonstrates the limited risk appetite of investors at the moment.”