UK savers are still opting for globally exposed equity funds as they seek improved returns in a challenging climate for UK funds, according to the latest data on investment fund flows.

Despite net outflows from UK equity funds slowing slightly in March they totalled around ￡835mn, according to the Investment Association (IA), a trade body. This followed a year in which savers pulled ￡12bn from UK-focused funds.

Outflows from UK funds in March were accompanied by ￡653mn in inflows for global funds, while IA data also showed that short-term money market funds experienced net retail sales of ￡667mn in the same period. The latter reversed a four-month trend of outflows, with inflows having previously spiked around the time of Kwasi Kwarteng’s “mini” Budget.