In total the asset class saw £222m in redemptions during the month, a level last seen in October 2008.
This was the third month in four that equity funds saw net outflows, as investors continued to show their lack of risk appetite.
Europe-wide statistics from the European Fund and Asset Management Association also illustrated this point, with net assets of equity funds down 16.1% in Q3.
Broadening out to include all asset classes, the IMA statistics showed a continuation of depressed retail fund sales compared to the monthly average for the first half of the year.
For October net retail sales were £615m, significantly down on the monthly average of £2.2bn in the first six months of the year.
Year-to-date, fund sales totalled £16.3bn, compared to £23.8bn at the same time last year.
The IMA said investors’ appetite to both buy and sell funds was low in October, however, with gross sales and repurchases both lower than in recent months and lower than October last year.
Across Europe, EFAMA said outflows of €83bn were experienced during the third quarter, compared to net inflows of €18bn in Q2.
Claude Kremer, president of EFAMA, said: "The fund and asset management industry is still managing today €1.7trn more than in March 2009. This figure allows us to put the developments so far this year into perspective.
"This is not to say we are not worried. Today it is clear the crisis that started in 2007 will have a much more profound effect on our economies than expected only a few months ago."
