LONDON (Reuters) - UK equity funds suffered nearly $5 billion (£3.7 billion) in outflows in the two weeks after the country voted to leave the European Union, according Societe Generale (PA:SOGN) and EPFR.
Assets under management at funds that supply data to EPFR shrank more than 9 percent to $450 billion, SocGen says, with losses concentrated in equity and money market funds.
"The data should be viewed with caution and as only a partial estimate of the damage to the fund industry," said the broker in a note to clients, warning that the numbers do not capture the consequences of last week's property fund suspensions.
SocGen maintained a grim outlook on the UK economy and continues to see further losses for the sterling and banking stocks.