Equities have retained their position as the bestselling asset class for the second month in a row, according to figures from the Investment Management Association.
Equities saw net retail sales of £550m in October 2012 compared to an average outflow of £9m in the past 12 months. Bonds were the second bestseller with net retail sales of £336m in October.
Equities replaced bonds as the bestselling asset class in September. It was the first time bonds have not topped the sales list in 12 months.
Global Emerging Markets was the bestselling sector in October with net sales of £228m. UK Equity Income and Strategic Bond funds were second and third with sales of £172m and £147m respectively.
UK All Companies continued to be the worst-selling sector for the third month in a row having seen a net outflow of £275m.
October saw net retail sales of £924m in total, this compares to £655m in October 2011. Total funds under management stood at £632bn in October 2012, compared to £583bn in October 2011.
IMA chief executive Richard Saunders (pictured) says: “Net retail sales remained buoyant in October, with investors adding just under £1 billion to their portfolios. Equities were the leading asset class for the second consecutive month. Income funds are still popular with investors, accounting for three of the top five sectors in October.
“Global Emerging Markets were the best-selling sector in net terms for the first time, as investors continued to diversify their investments.”