They gave way only to UK equity income, which came top, as well as property and strategic bond.

In total, the 20-60 per cent shares funds had net retail sales of £238m, while three mixed investment categories of funds made up £436m of sales in July, while they came second in terms of Isa sales in platforms (though some way behind UK equity income).

Multi-asset funds have by definition become hugely popular among UK investors; they offer a safer way of getting into the stock market, without all the immediate worries of total exposure to shares.

As a result the investment fund industry has been duly launching many funds over the past few years to accommodate this increasing need.

But it is not unalloyed optimism. Fears about rising interest rates within the next 12 months has led some to worry about what will happen to bond prices within the coming year.

Many advisers use multi-asset funds to outource some of their simpler client investment requirements, a trend that has gathered pace since the arrival of the RDR.

As uncertainty continues over economic headwinds – but with the economy on the upturn – multi-asset funds have provided a useful option for those who are cautious about the stock markets and who are quite new to investing.

Hal Austin is editor of Financial Adviser