UK Equity Income was the best selling fund class in July with net sales of more than £1 billion, as Neil Woodford's equity income juggernaut continued to attract assets.
Woodford (pictured) set up his own firm earlier this year, attracting £1.6 billion of assets during its offer period in June, while several large groups have announced they are switching to his fund in lieu of their existing UK Equity Income fund holdings.
The asset class outsold its rivals for the sixteenth month in a row, according to figures released by the Investment Management Association (IMA), dwarfing the £390 million brought in by the second-placed Mixed Asset sector. Property was the third highest seller, bringing in £304 million.
Regionally, the UK also triumphed, with sales of £678 million, while Asian equity funds saw a revival, bringing in £203 milliom, that region's highest sales since January 2013.
However, North America funds saw outflows of £30 million, having averaged sales of just £1 million per month for the previous year, while European funds suffered outflows of £48 million, after bringing in £203 million on average during the previous 12 months.
The worst selling sector overall was the UK All Companies sector for the second month in a row, with a net retail outflow of £230 million.