Sales of tracker funds hit record highs in October
According to the October sales figures from the Investment Management Association (IMA), tracker funds now account for 9.6% of total funds under management, compared with 7.8% a year earlier.
Elsewhere, equity funds remained the best-selling asset class for the seventh consecutive month, with net retail sales of £976m.
Mixed asset funds were the second best-selling asset class, notching up sales of £343m.
Sales of property funds increased for the ninth consecutive month, reaching £223m, the highest level since April 2010.
Total net retail sales remained strong at £1.9bn, an increase from £1.1bn in October 2012. Funds under management totalled £765bn, a 20% increase from October 2012.
Meanwhile, September’s favourite sector, UK Equity Income, saw outflows of £298m over October making it the worst selling for the month.
The UK All Companies sector took the top position in October, with net retail sales of £307m, the first time the sector has been the best-selling since April 2004.
“It was another strong month for fund sales with retail investors continuing to favour equity funds. Net retail sales of these funds have totalled £9.1 billion so far this year, on course for their best year since 2000,” said Daniel Godfrey, chief executive of the IMA.