The Investment Management Association (IMA) has reported that its funds under management exceed GBP700 billion (US$1063 billion), as equity funds experienced the highest retail sales since April 2011.
IMA said funds under management in February 2013 reached record levels at GBP706 billion, 14% higher than February 2012.
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With net retail sales of GBP940 million, equity continues its lead as the best-selling asset class for the sixth consecutive month in February 2013.
In contrast, fixed income funds continued their recent downward trend with a second consecutive month of redemptions. The net outflow of GBP163 million was the highest since July 2008 (GBP190 million). This time last year fixed income funds drew in GBP612 m in net retail sales.
Global equity funds continued to be the best-selling region with net retail sales of GBP297 million in February 2013, where as European equity funds were close behind as the second best-selling region for equity funds with net retail sales of GBP258 million.
Gross retail sales through UK Fund Platforms totaled GBP4.4 billion in February 2013, taking a market share of 47% (43% in February 2012) and for ‘Other Intermediaries’ (includes Wealth Managers, Stockbrokers and IFAs) totaled GBP4.2 billion for February 2013, a market share of 44% (47% in February 2012).
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By GlobalDataIMA CEO, Daniel Godfrey, said: "Strong sales and favorable markets in February helped lift the funds under management in authorized funds over GBP700 billion for the first time."
"Retail investors were putting more into equity funds than at any time for nearly two years and this was broadly spread with UK, European, Asian and Global equity funds all seeing significant net investment," Godfrey said.
