British investors pulled £449million out of UK equities in May as the FTSE 100’s strong recent performance failed to drum up renewed appetite for London stocks.
It was the smallest outflow since the end of last year and half the average seen during a dismal run for UK markets over the past three years. But nearly £4.5billion has been withdrawn from London-listed shares this year, says funds network Calastone.
Edward Glyn, head of global markets at Calastone, said that while the UK market has been flirting with all-time highs, the recovery ‘has not been enough to spur new buyers to reappraise the prospects for UK equities’.
He added: ‘The relentless outflows represented a clear capitulation on hopes for UK shares. It’s too soon to call…
