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Asset managers suffered net institutional outflows of £481m in December, latest figures from the Investment Management Association show.
The trade body’s monthly investment fund statistics showed that – although fund managers posted gross institutional sales of £3.7bn – they reported net outflows of -£481m. This follows institutional outflows of £852m in November.
IMA chief executive Richard Saunders said: “The first 10 months of 2007 saw a continuation of the strong performance of the previous year. In November and December however, as the impact of the credit crunch began to be felt, investors significantly re-evaluated their portfolios and the industry experienced its first overall outflows in 15 years.
“The year as a whole was satisfactory for the industry, but the prospect is clearly more uncertain going in to 2008”