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Corporate bonds top fund sales for third month

Corporate bonds were the most popular fund sector for the third consecutive month, according to figures for January business from the Investment Management Association.

The sector took 23 per cent of gross retail sales of UK-domiciled funds in January, with 88 per cent through intermediaries. Inflows were £1bn while the biggest out-flow in January was suffered by the Europe excluding UK sector, which lost £212m.

Net sales of Isas slowed, with inflows of £1.4m compared with inflows of £52.3m in December but better than in January 2008 which saw outflows of £335.3m.

Funds under management of UK-domiciled investment funds dropped by 2 per cent in January to £354.2bn from £360.7bn in December.

Isa funds under management of £70.8bn were 4 per cent down on December figures of £73.6bn and 15 per cent lower than January 2008.

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