Funds of funds in the UK had their highest share of total funds under management on record at the end of the third quarter, according to the Investment Management Association.
Assets stood at £57.4 billion (€66.9 billion) – up £6.8 billion from the end of the third quarter last year.
Richard Saunders, chief executive at the IMA, said: “Despite a slowdown in fund sales in the third quarter, investors continue to favour funds of funds, with sales holding out much better than funds overall. Funds of funds now account for a record 10.5% of total funds under management.”
Meanwhile, tracker funds’ year to date net retail sales were also the highest on record.
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