Net retail fund sales in July reached £3.5bn, the highest figure ever recorded for the month, as inflows remained buoyant in spite of investors moving away from UK equity portfolios.
All asset classes except money market funds saw positive net sales on the month, according to data released by the Investment Association, with roughly £1bn apiece heading for fixed income, mixed asset, and equity funds respectively.
But investors continued to shy away from UK equities, pulling £214m from UK All Companies funds and £86m from UK Equity Income products over the period.
By contrast, Global funds saw £607m in net inflows - the highest level in more than a year - while Europe ex UK portfolios took in a net £285m.
Global was the most popular sector across all asset classes, followed by £ Corporate Bond. The latter’s £432m of flows was also the highest level seen for more than a year.
Overall sales figures were once again driven by money flowing into personal pension plans rather than Isas. Pensions took in £730m in July, compared with £333m for Isas.