Balanced funds in the UK held more cash at the end of last month than at any other point since 1990, while having the lowest allocation on record to UK equities, despite fund managers moving money into the asset class.

At the end of September, balanced funds held 9.3% in cash on average, after an average cash holding of 7.8% at the end of August, according to the latest quarterly survey by BNY Mellon Asset Servicing.