British pension funds sold a net of 2.4 billion ($3.7 billion) in U.K. equities during the first quarter, continuing a three-year trend, according to the U.K.'s Office for National Statistics.
In total, self-administered U.K. pension funds made net investments of 2.4 billion, down from 3.3 billion in the fourth quarter, but up from a net disinvestment of 492 million in the first quarter of 1995.
The biggest gainers from U.K. pension investors: U.K. gilts, 1.7 billion; authorized unit trusts, 1 billion; and short-term assets, 1.5 billion. Net investments in overseas equities increased 231 million. U.K. pension funds had total assets of 519 billion at the end of 1995, up 17% from 443 billion a year earlier, the government agency said.
Total net investment by all U.K. institutions was 13.5 billion in the first quarter, down from 14.9 billion in the previous quarter - but double total net investment of 6.8 billion in the first quarter of 1995.
Short-term assets increased by 3.4 billion; U.K. gilts rose 5.3 billion; overseas securities increased 3.8 billion. U.K. stocks fell 543 million.
