Baillie Gifford suffered its highest net outflows in over a decade in October after investors pulled £1.95bn from its funds, with Schroders losing £734m, according to Morningstar’s October fund flow commentary.
In terms of individual strategies, Baillie Gifford’s Diversified Growth Fund saw the highest net outflows of £452m, while investors took £371m out of BG’s Multi Asset Growth Fund.
But it wasn’t just a tough month for the Edinburgh-headquartered firm, with its diversified growth fund bleeding £2.47bn over the past 12 months. This was followed by Vanguard FTSE UK All Share Index UT and Fundsmith Equity, which saw net outflows of £1.99bn and £1.94bn, respectively.
A brighter note in an otherwise weary October was Abrdn recording its highest net inflows in over a year, pulling in £734m during the month, followed by Legal & General scooping up £526m.
On an individual strategy basis, the Royal London Short Term Money Market Fund led the way with £383m flowing into the fund in October, followed closely by Abrdn’s American Equity Tracker and Asia Pacific ex-Japan Tracker funds, which recorded £360m and £261m of net inflows, respectively.
Fixed income strategies saw modest net inflows of £308m in October, while allocation strategies saw their largest net outflows in over a decade of £2.75bn. Investors also pulled £2.9bn from equity strategies, which recorded its seventh consecutive month of net outflows.