Investors continued to pull money out of UK-registered funds in July in the face of fears about the outlook for the equity market, according to monthly data released by the Investment Management Association, the trade body representing the bulk of the UK fund management industry.

Among retail and institutional funds, investors withdraw a net £2.41 billion ($4.41 billion), compared to withdrawals of £364 million in June, the IMA said. In July last year, investors were still net buyers of funds, putting in a total of £1.05 billion.

Total funds under management of IMA members stood at £414.3 billion in July, down from £425 billion in June and down from £458.2 billion a year before, reflecting the decline in the value of the equity market.

There was a different story from offshore funds managed by IMA member firms, however. Total assets held by offshore funds rose to £18.2 billion in July from £16.4 billion in June, the IMA said. Among such offshore funds, however, there was also a net outflow of investors’ cash.