September was a record month for UK retail fund sales, with fixed income and global equity funds leading the way, according to data from the Investment Association.
Net retail sales were £5.6bn in the month, a marked increase on the £1.1bn of net sales recorded in the same month of 2016 when the UK economy was in the teeth of post-Brexit referendum gloom.
One of the reasons for the sharp decline in sterling over the past year has been the withdrawal from the UK economy of institutional investors, exemplified by September, when net institutional sales were £7m. This compares with £508m for the same period last year.
This has lead to increased popularity for global equity funds, the best selling market in September, with £534m pumped into the sector. European equity funds were next most popular, with £518m of sales.
On a three month view, strategic bond funds were the most bought asset class, with £985m pumped into the asset class in the three months to the end of September.