The sector took £717.9m in May 2009, making it the most popular sector for the seventh month in a row. The figure represents a slight rise on the £683.7m taken for the previous month.
The biggest outflow came from the unclassified sector with a net outflow of £66.6m.
Total net retail sales stood at £2.8bn in May, up from £2.1bn in April and £643.1m from May 2008. Of the £2.8bn, £1.3bn was in bonds and £984m into equities.
Funds under management of UK domiciled funds stood at £391.3bn in May 2009, up 4 per cent on the previous month but down 14 per cent on May 2008.
Isa sales stood at £312.4m, this compares to an inflow of £672.4m for April 2008 and an outflow of £214.8m 12 months ago. Cautious managed was the most popular sector representing 20 per cent of sales.
IMA chief executive Richard Saunders says: “Retail and ISA sales continue to see strong inflows, with May’s figures recording the highest net retail sales outside an ISA season since records began. The last six months alone have seen net retail sales of £10.6 billion. This is much higher than the same period a year ago when net retail sales were just £1.9 billion.”