Fund firms put brakes on UK buying

FUND managers cut their exposure to British shares last month, opting instead to buy overseas.

Research agency Lipper said retail funds lifted their overall exposure to shares to 75.1% of their investments, up 1.7% percentage points on July.

But their British holdings fell by 1.1 percentage points to 22.7%. North American equities were increased by 0.9 percentage points to 38%.

Lipper took data from 108 funds running assets worth £12bn.