October was a tough month for European equity funds as the IMA European Smaller Companies sector saw its largest monthly outflow ever of £288m.
Meanwhile, European equity funds saw an outflow of £347m in October, the largest outflow for the sector since July 2008.
The average net retail sales for Europe in the previous 12 months was £117m, but October proved to be difficult.
The region had the worst sales of any sector, well behind Asia, the second lowest in terms of sales, which had an outflow of £42m.
Elsewhere, the UK equity income sector had net retail sales of £729m, making it the best selling sector for the fifth month in a row.
Overall retail sales rebounded following September’s poor showing, with sales topping £2bn in October, surging from £728m in the previous month.
Daniel Godfrey, IMA chief executive said: “Following a couple of months of lower sales in August and September, fund flows in October were more in line with what we have seen overall this year.
“Net retail sales were £17.9 billion in the first ten months of this year, up from £16.5 billion over the same period last year.