Targeted absolute return funds found favour with retail investors in January claiming top spot as the IMA's best selling sector.
Investors continued to pile into UK equities, with £644 million woth of net retail sales in January, at the expense of Asia-focused funds, which saw outflows of £235 million.
Targeted absolute return funds attracted £343 million, attracting their highest flows since December 2009.
Retail fund sales doubled in January compared to a year earlier, up from £537 million to £1.1 billion. Global, North America and Asian equities all suffered outflows as negative sentiment around asset purchase tapering continued.
Fixed income funds saw outflows of £229 million, while IMA Corporate Bond proved the worst-selling sector with a £225 million outflow. Equities proved the best selling asset class for the tenth month in a row.
'Investors continued to favour equities, especially UK and European funds, while Targeted Absolute Return funds saw their highest sales since December 2009,' Daniel Godfrey, IMA chief executive (pictured), said.