Multi-asset funds dominated sales on Skandia’s platform in the first quarter of 2014, according to data published by the platform this morning.
The data is the first to include sales of parent company Old Mutual Wealth’s WealthSelect range of discounted funds and managed portfolios.
Almost a third - 32 per cent - of net sales on the platform went into multi-asset funds, with the Old Mutual Spectrum 6 fund topping the inflows charts, followed by the newly renamed Schroder MM Diversity fund, run by Marcus Brookes.
Invesco Perpetual’s Distribution fund also sold strongly in spite of Neil Woodford having been replaced by Ciaran Mallon on the equity portion of the fund in October, following the star manager’s resignation.
UK equity funds also sold well, with Investec’s UK Smaller Companies fund, run by Ken Hsia, the best selling product in the quarter. Richard Buxton’s Old Mutual UK Alpha fund and the Schroder Recovery fund were both also in the top three best sellers.
In contrast, bond funds were roughly flat with no net inflows during the month. Skandia said there had been a high level of redemptions in January which had been offset by inflows in February and March. The Old Mutual Corporate Bond, Artemis High Income and Jupiter Strategic Bond funds were the best sellers among fixed income products.
