Investors pulled money out of UK-registered retail funds in September and assets held in these portfolios fell as markets tumbled, according to monthly statistics from the Investment Management Association, the UK trade group.

Net sales – which take account of the impact of investors withdrawing funds – were minus £20.7 million in September, compared with £54.1 million in August and £886.6 million in September 2007.

Assets under management in September were £380 billion, dropping from £468.6 billion from a year ago, the IMA said.

Among offshore-registered retail funds, investors also hit the exits, withdrawing £167 million in September, versus £210 million a year before. Assets held in offshore funds fell to £16.7 billion from £17.6 billion.