Huge inflows into the CF Woodford Equity Income fund drove the IMA UK Equity Income sector to a record month for sales in June.
The sector recorded net inflows of £1.4bn in June, accounting for the majority of the total net sales of £2.1bn.
The new Woodford fund had its offer period and then full launch in June and raised £1.6bn in the offer period alone; it has since grown beyond £2.2bn.
If the flows into UK equity income funds were excluded, equity funds in the rest of the IMA universe saw net outflows of £200m in the month as investors leaned more towards multi-asset and property funds.
Even though it was the second highest selling sector, the new money flowing into property funds dropped significantly in June, down to £316m from £505m in May.
Meanwhile, £225m of inflows into open-ended tracker funds meant that the passive funds for the first time make up more than 10 per cent of the total money held in open-ended funds, up to 10.1 per cent from 9.9 per cent in May.
