European investors are opting out of equity funds, selling €2.1bn ($2bn) worth in June, according to a report by Schroder Salomon Smith Barney's (SSSB) equity research group.

This is the highest number since September 2001, when €12.6bn worth of equity funds were sold. The survey shows that outflows were most significant in Italy and Spain, where investors sold €1.7bn worth of equity funds in June. The report covers France, Germany, Italy, the Netherlands, Spain, Sweden and UK.