July was another difficult month for the UK fund management industry with more money being withdrawn from funds. Investment Association (IA) statistics showed relatively modest withdrawals, driven by institutional investors. But Broadridge estimates, which cover a wider range of funds and managers, saw redemptions rising to more extreme levels – the fourth highest monthly outflows on record. In both cases, equity funds suffered the brunt of the withdrawals. Outflows from mixed asset absolute return funds continued, and property fund redemptions also increased. Sales of bond funds remained positive, mainly thanks to retail investment.