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Jane Lowe, director of markets with the IMA, commented that the current stocks and shares climate had been a factor in the migration.
"With the FTSE once more under pressure in July, investors again withdrew from equity funds, with many turning to investment in absolute return funds," she observed.
Ms Lowe's comments follow the publication of investment fund statistics for July by the association.
The value of UK domiciled funds under management slipped by three per cent compared to June to £141.3 billion.
Meanwhile, in the UK domiciled Isa sector, the most popular form of investment for July was UK All Companies, accounting for 21 per cent of gross sales.
Other research published by the IMA this month revealed that the UK accounts for 34 per cent of assets under management in Europe - placing it ahead of France and Germany.
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