Investments  

Record retail sales for passive funds in July

Retail investors put more money into tracker funds in July than in any other month since records began, according to the latest IMA data.

Open-ended passive funds saw record net retail sales of £532m in July.

The new money flowing in meant the percentage of total industry funds under management in tracker funds rose to 10.2 per cent, having reached the 10 per cent mark for the first time in June.

Elsewhere, the UK Equity Income sector again topped the IMA sector sales rankings in June, bringing in £1bn of new retail money.

Net sales of UK Equity Income funds accounted for more than half of all total net retail fund sales, which dropped to £1.9bn from £2.1bn in June.

However, the equity income fund sales failed to match the record of £1.4bn recorded in June.

The June figure was boosted by the launch of Neil Woodfords new CF Woodford Equity Income fund, which raised £1.6bn in its June offer period.

The fund’s latest factsheet shows that it grew further in July, reaching £2.3bn at the end of the month.

Property funds continued their strong year for inflows as IMA Property was the second-highest selling sector, bringing in £304m of net new retail money.