European equity funds sold in the UK had their highest ever sales in March, industry figures show.
Net retail sales of European equity funds were £663 million (€924.5 million).
The sales figures, provided by The Investment Association, indicate that much of the money went into passive funds, which also saw record sales in March.
Passive funds that track an index saw net retail sales of £938 million, the highest ever.
The amount of money into passive in March was by far the lion’s share of the £1.1 billion total sales, though the figure for total sales is down from £2.5 billion in March last year.
UK equity funds saw their largest ever net retail outflow of £963 million.
Daniel Godfrey, The Investment Association Chief Executive, says: “Net retail sales this March were well down in comparison to a year ago following the pattern seen in January and February. However, we did see record net retail sales of £938 million into tracker funds. It was also a particularly notable month as we saw retail investors switching record amounts out of UK equity funds and into European equity funds, developing a trend seen over the previous couple of months.”
©2015 funds europe
