Sales of UK-domiciled equity funds continued to climb for the sixth month in a row driven by retail investors as institutions pulled money out of funds, according to September data.
The Investment Management Association (IMA) recorded net retail equity fund sales of £1.3 billion (€1.5 billion) during the month, which put the asset class at its highest level of quarterly assets under management – £3.8 billion – since the second quarter of 2000.
Institutions withdrew a net £1.2 billion from UK-domiciled funds across different asset classes.
In retail sales, equities took the largest share of the £2.2 billion net flows in September.
Sales for the entire quarter for all types of funds totaled £6.3 billion and were the highest since Q2 2011.
Funds under management reached £739 billion – an increase of 17% from September 2012 and up 93% since September 2008.
UK equity income was the best-selling IMA sector.
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