June’s sales data marks the seventh month in a row in which global funds have been in the top five best selling areas of the market.
The latest IMA data shows in general net retail equities sales fell to £487m, down from its monthly average of £574m over the past 12 months. Still, the asset class fared better than bonds. Net retail sales of fixed income amounted to £477m in June, also below its monthly average of the past year.
According to the IMA, the Strategic Bond sector was the second best selling area of the market at the start of the summer period, followed by Cautious Managed portfolios, with net retail sales of £291m.
The growing popularity of the Strategic bond peer group was underscored by its total sales of £296m, far outstripping those of the IMA’s five other fixed income sectors combined, £182m. In gross retail terms, £1 in every £3 invested in fixed income went towards strategic mandates, the IMA says.
Platforms continued to drive forward their growing market share of distribution in June. The IMA notes that gross retail sales through platforms totaled £3.8bn that month, moving slightly ahead of its monthly average of £3.7bn. As of the end of June, funds under management on platforms amounted to £114bn, their highest on record.
