There was no sign of a summer holiday in the UK investment industry as inflow records were broken.
According to the latest statistics from the Investment Association (IA), the industry registered a net inflow of £3.5 billion in July, a record for the month.
All asset classes saw positive retail inflows—with the exception money market fund, which experienced its first monthly outflow since January 2016 with a £124 million withdrawal.
Chris Cummings, chief executive, Investment Association, said: ‘The UK asset management industry continues to thrive in 2017 as July marked 12 consecutive months of positive retail inflows.’
Fixed Income funds proved to be most sort after with a net retail inflow of £1 billion. The sterling corporate bond sector was the second best-selling with £432 million of net retail sales.
‘Net retail sales in July were £3.5 billion, making this the highest July net retail inflow on record,’ said Alastair Wainwright, fund market specialist, the IA.
‘So far this year, retail clients have invested £23.1 billion in UK authorised funds, already surpassing annual net retail sales in both 2015 (£16.9 billion) and 2016 (£6.8 billion).’
Mixed asset funds attracted £958 million of net retail money in July, which was roughly equally positive across all mixed asset sectors.
Meanwhile equity funds added another positive month of retail inflows at £924 million.
Wainwright added: ‘The Global equity sector was once again the most popular sector with £607 million in new retail investments. UK equity funds experienced outflows of £290 million, as UK investors' preference to invest overseas continued.’