Asset class
- November saw £1.28bn of flows into UK funds, which convert to outflows of £5.33bn when money market funds (MMFs) are excluded
- MMFs attracted the most cash (+£6.61bn), followed by bonds (+£875m), as equities shed £7.25bn
Active v passive
- Active funds saw inflows of £856bn as passives took £422m
- Bonds were the most successful passive asset class (+£1.1bn: +£1.28bn MFs; -£181m ETFs)
Classifications
- The top-selling classification was once again Money Market GBP (+£6.63bn)
- Equity Global suffered the worst redemptions for the second consecutive month (-£1.62bn)
Sustainable fund flows
- Net sustainable fund sales in November were a modest £11m (-£35m ex MMFs), up on October’s -£3.78bn
- Sustainable bond funds were the month’s best sellers (+£936m, versus -£61m conventional)
Asset manager
- HSBC was the most successful fund promoter, netting £2.39bn, mainly to bond funds, followed by MMFs
Flows by Asset Class
Three-Year Flows
Chart 1: Asset Class Flows, 36 Months, to November 2025 (£bn)
Source: LSEG Lipper
Developed markets went sideways—S&P 500 slightly up, FTSE 100 slightly down—over November, as investors got fretful over AI delivering on its promises. Concerns were further stoked by the thinness of US economic data, and the uncertainties of a Federal Reserve fed funds rate cut in December. Nvidia’s strong earnings report reassured somewhat, but it was a rocky month for equity returns. Domestically, both bond and equity markets were troubled over November’s “will she, won’t she” budget.
None of which seems to have helped flows to risk assets—although, as can be seen by chart 1, there’s more going on here than one month of troubling data. There were £1.28bn of flows into UK funds, which convert to outflows of £5.33bn when MMFs are excluded. Equity funds bore the brunt of this, as has been the case for every month since July 2025.
Over the year to date, £45.41bn has been redeemed from UK funds (-£92.92bn excluding MMFs). On the positive side of the ledger, MMFs (+£20.1bn), alternatives (+£2.09bn), and commodity funds (+£71m) have seen inflows. However, equity funds (-£63.28bn), bonds (-£2.03bn), real estate (-£1.21bn), and mixed assets (-£1.8bn) have all suffered redemptions.
Active versus Passive
Chart 2: Asset Class Flows, Active and Passive, November 2025 (£bn)
Source: LSEG Lipper
At plus £1.28bn (-£5.38bn ex MMF), total net flows were a considerable improvement on October (-£17.98bn; -£21.44bn ex MMF). While active funds attracted £856m, this was -£4.61bn ex MMFs. Passives attracted £422m (+£344, ex MMFs).
As was the case last month, MMFs did best (+£6.61bn, almost all to active funds), followed by bonds (+£875m: -£222m active/
+£1.1bn passive). The latter active-to-passive flow is a reversal of the previous month’s trend, which benefited active strategies.
Alternatives (+£731m), mixed assets (+£296m), and commodities (+£24m) were all in positive territory, predominantly to active funds.
Equities suffered the worst outflows (-£7.25bn: -£6.46bn active/-£793m passive). Real estate also saw redemptions
(-£3m, all active).
ETFs and Passive Mutual Funds
Chart 3: Passive Asset Class Flows, Mutual Funds v ETFs, November 2025 (£bn)
Source: LSEG Lipper
Passive mutual funds saw inflows of £711m, while ETFs lost £289m.
Bonds were the most successful passive asset class (+£1.1bn: +£1.28bn MFs; -£181m ETFs), followed by MMFs (+£78m, all ETF) and mixed assets (+£71m, all MF).
Equity passives saw the largest redemptions (-£793m: -£607m MFs; -£186m ETFs), followed by alternatives funds (-£32m: -£29m MFs; -£3m ETFs).
Flows by Classification
Largest Inflows
Chart 4: Largest Positive Flows by LSEG Lipper Global Classification, November 2025 (£bn)
Source: LSEG Lipper
Another month where the top-selling category table is equity light—and none that are long-only.
Given the picture at the asset class level (chart 2), it’s no surprise that the top-selling classification is Money Market GBP (+£6.63bn). What’s harder to fathom is that, while their USD equivalents are the top-selling classification throughout Europe YTD, Money Market USD funds have not appeared on UK investors’ radar. This may be because the differential between EUR and USD rates on cash evaporate when it comes to GBP and USD.
Source: LSEG Lipper
Bond Global USD came in second (+£1.29bn: +£177m active/+£1.11bn passive), followed by Bond USD Government (+£786m, all passive). This is in a global environment where US government bonds broadly attracted money as investors sought yield and safety amid widening spreads. Bond Global Short Term (+£536m) and Bond GBP Inflation Linked (+£159m) also continue to attract assets—though it’s notable that the latter is the only GBP fixed income class to make the top 10.
Source: LSEG Lipper
In October, the top-selling equity sector was Alternative Equity Market Neutral (£99m), at nineteenth place, which now ascends to fifth place (+£425m). This has been dominated by the Jupiter Merian Global Absolute Return fund.
Equity Europe ex UK took just £57m and has shed more than £1.9bn over the year. This is despite Europe being the leading major equity market, and Lipper classification, over the year to date. It seems difficult to attract UK investors to equities, not matter where or what they’re delivering currently.
Largest Outflows
Chart 5: Largest Outflows by LSEG Lipper Global Classification, November 2025 (£bn)
Source: LSEG Lipper
Equity Global suffered the worst redemptions for the second consecutive month (-£1.62bn: -£1.95bn active; +£300m passive), with Equity UK (-£1.17bn: -£748m active; -£422m passive) and Equity US (-£1.14bn: -£745bn active; -£353m passive) also seeing significant redemptions. Indeed, eight out of the 10 bottom classification by flows are equity. Skittishness over AI-exposed valuations are likely indicated by both US redemptions and those from Equity Sector Information Technology (-£235m).
In contrast to the flows into USD fixed income funds (chart 4), their GBP peers were not so favoured, with Bond Global Corporates GBP (-£1.42bn), Bond GBP Government (-£571m) and Bond GBP Corporates (-£234m) seeing redemptions. The convergence of a dovish Fed, fiscal uncertainty in the UK, and attractive US Treasury yields may have incentivised UK investors to exit GBP bond funds in favour of USD-denominated alternatives as a yield-enhancing, risk reducing strategy.
Sustainable Fund Flows
Chart 6: Sustainable Asset Class Flows, November 2025 (£bn)
Source: LSEG Lipper
Net sustainable fund sales in November were a modest £11m (-£35m ex MMFs), up on the previous month’s -£3.78bn. Conventional funds saw inflows of £1.27bn (-£5.33bn ex MMFs).
Sustainable bond funds were the month’s best sellers (+£936m, versus -£61m conventional). Sustainable MMFs took a sliver of the assets into the asset class in general (+£46m), as did sustainable alternatives (+£6m).
Source: LSEG Lipper
Although sustainable equity sold off in line with their conventional peers (-£800m versus -£6.45bn conventional), individual Equity Global funds did well in the face of a significant selloff for the classification overall (see table below).
Source: LSEG Lipper
Sustainable mixed-assets funds suffered outflows (-£175m) as their conventional peers attracted £471m.
The Sustainable Fund Flows section has a narrower and stricter focus than those which indicate some form of ESG strategy in their fund documentation—to a smaller group of sustainable funds, defined as all SFDR article 9 funds plus all Lipper Responsible Investment Attribute funds reduced to those containing indicative sustainable keywords in the fund name.
Flows by Promoter
Chart 7: Largest Positive Flows by Promoter, November 2025 (£bn)
Source: LSEG Lipper
The top 10 fund promoters attracted 66% of the total inflows for the month—in line with the previous month.
HSBC was once again the most successful over the month, netting £2.39bn, mainly to bond funds (+£1.58bn), followed by MMFs (+£565m) and equity funds (+£170m).
Source: LSEG Lipper
Northern Trust followed, with inflows of £1.26m, dominated by MMF sales.
Source: LSEG Lipper
