Mixed asset funds were the top sellers of the month, with sales of £374m, according to figures from the Investment Association, the trade body for the fund industry.

Riskier equity funds, meanwhile, saw outflows of £333m. While global equity products attracted £447m, UK equity funds saw outflows of £620m.

Adrian Lowcock, investment director at Architas, said: “In September there was a lot of uncertainty surrounding markets and little direction on where the best opportunities were. This is reflected in the Investment Association’s figures showing investors looking for a more diversified approach through mixed asset and global equity funds.

“In times of uncertainty it is particularly useful for investors to be in funds where the managers are able to switch between asset classes and have the information and expertise at hand to make those decisions.”

With sales of £117m, property funds were the third best-selling asset class as investors returned to the sector reversing the exodus that followed the EU referendum vote.

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Fixed income funds saw inflows of £100m.

Alastair Wainwright, fund market specialist at the Investment Association, said: “Caution was again evident in September as investors moved out of equity funds in favour of arguably less risky mixed asset and money market funds.

“Money market funds experienced their second best-selling month on record at £297m. Property fund sales were positive in September as advised and un-advised retail customers bought into the sector, however discretionary fund managers continued to reduce their holdings in property funds.”