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Fixed income tops IA retail sales for fifth month

Fixed income tops IA retail sales for fifth month

The fixed income sector topped the Investment Association’s (IA) retail sales chart for the fifth consecutive month in October with net sales of £2 billion.

The IA recorded £5 billion in retail and £1.9 billion in institutional sales in the month. The industry has gathered £200 billion in the past 12 months.

‘2017’s record-breaking run continued in October as monthly net retail sales were again in excess of £5 billion,' said Chris Cummings (pictured), chief executive of the IA.

‘Industry funds under management also increased by almost £30 billion through the month which means that, at the end of October our members were responsible for £1.1 trillion of UK investor savings and investments.’

Alastair Wainwright, fund market specialist at the IA, said: ‘For the third month in a row, Sterling Strategic Bond was the most popular sector with retail investors as they allocated £1.6 billion in October.

'Notably, the Sterling Strategic Bond has featured in the five best-selling sectors each month since December 2016.’

Funds classified as ‘other’ were the second best-selling with net retail sales of £1.1 billion. This includes the targeted absolute return, volatility managed, protected and unclassified sectors.

Mixed asset was the third best-selling asset class with net retail sales of £963 million. Equity was the fourth best-selling asset class with net retail sales of £644 million.

Money Market funds saw an inflow of £270 million, whilst Property funds experienced an inflow of £54 million.

 

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