Record sales for fund of funds, IMA stats

Multi-manager net retail sales totalled £3.8bn for the first six months of 2011, the highest half year on record, according to the latest statistics from the Investment Management Association.

In the second quarter of this year, net retail sales for multi-manager sector totalled £2bn, above the quarterly average of £1.8bn for the previous four quarters.

Funds under management for multi-manager funds totalled £63.5bn at the end of the second quarter, accounting for 11 per cent of total funds under management.

Tracker funds  accounted for 6.7 per cent of total funds under management, totalling £40.5bn of funds, in line with the first quarter of this year.

In the second quarter, net retail sales of tracker funds totalled £313m,below the quarterly average of £515m for the past four quarters.

Ethical funds had its highest quarter of net retail sales since the fourth quarter of 2007 at £94m.

Ethical funds under management totalled £7.1bn at the end of June 2011, up 23 per cent on Q2, 2010.