IMA sales fall to lowest level since last January
Net retail sales slowed down to just £695m in August this year, compared to the £1.85bn seen last August.
UK Equity Income remained the best-selling sector for the third consecutive month, with net retail inflows of £376m.
This was followed by the Property sector, which saw £242m of net new money, and the Mixed Investment 40-85 per cent Shares sector, which attracted £159m of inflows.
However, inflows were subdued across all asset classes, and UK equity income inflows were offset by outflows elsewhere, most notably the UK All Companies sector, which saw £258m of outflows.
Daniel Godfrey, IMA chief executive, said: “Retail investors again favoured equity income funds in August despite the fact that overall sales and, in particular sales of equity funds, were lower than in recent months.
“It is too early to judge whether the lower retail sales in August represent a change in the trend of strong sales this year.”
Net retail sales for this year to end of August have totalled £15bn, outstripping the £12bn attracted by retail funds in the first eight months in 2013.