Investment funds focused on UK companies bled more than £8bn last year as investors continued to flee volatile equity markets.

UK equity funds were the hardest hit of any region last year, with net selling every month in 2022 leading to record outflows of £8.4bn — far above the £1.1bn they shed in 2021 — according to data from Calastone, which tracks money entering and leaving funds in the UK from financial advisers, fund supermarkets and wealth managers.