UK savers put a cumulative £11.2 billion (€12.4 billion) into retail funds in the second quarter of this year, according figures from the Investment Association (IA), the trade body for the investment industry in the UK.
The data also showed that net retail sales reached £2.2 billion in June, marking the third consecutive month of inflows, while inflows for the first half of 2020 reached £8.7 billion.
Bond funds saw growing net retail sales of £2.1 billion in June, as they continued to recover from significant outflows in March.
Meanwhile, tracker funds remain steady, with increasing net retail sales of £2.1 billion in June while UK equity funds saw a reversal of fortunes with net retail outflows of £1.1 billion in the same month.
IA chief executive Chris Cummings said: “Following the highest ever monthly outflows in March, the second quarter of 2020 saw savers invest more than they did throughout the whole of 2019.
“Sales rebounded strongly from April through to June to reach £11.2 billion for the quarter, eclipsing 2019’s annual total of £9.8 billion.”
However, Cummings warned that with coronavirus infection rates now rising globally post-lockdown and US real GDP having contracted 32.9% in Q2 – the highest ever fall – the outlook for fund flows for the second half of 2020 remains “uncertain”.
