Over the same time period, funds of funds now have more than 10% of the total funds under management, their highest on record.
According to the IMA’s latest quarterly sales figures, tracker funds brought in £633m, up from £413m in Q3 2010, more than 50% higher.
During the third quarter, funds of funds garnered £914m, the lowest level since Q1 2009 and well below the £1.8bn average. The equivalent figure for Q3 2010 was £1.4bn.
Total funds invested in Q3 last year were £7.5bn and dropped dramatically to £2.6bn this year.
In terms of funds under management, tracker funds held £36.2bn at the end of Q3 this year, up 6% from last year’s £34.3bn. At the same time, funds of funds held £57.4bn compared to £50.6bn at the end of Q3 2010, a rise of 13%. Year-to-date, sales of funds of funds stood at £4.6bn, the highest on record.
Looking across all funds held, assets under management at the end of Q3 were 1% down on the same time last year, standing at £546.7bn compared to £550.9bn.
