August was another dire month for the UK funds industry as the prospect of weakening global growth combined with worries of a no-deal Brexit. Asset managers saw a sea of red as investors withdrew in their hoards, although total redemptions were not quite as high as in previous months, according to Broadridge estimates. Investment Association figures confirm that both institutional and retail investors have become more pessimistic. Equities were worst hit, with money continuing to flood out of UK funds, while withdrawals from mixed asset products, notably absolute return funds, were the second highest on Broadridge records. After several months in positive territory, bond fund flows also reversed. Only funds of funds were able to attract modest net sales.