Half of the top ten selling funds over the month were fixed interest with M&G high interest topping the table.
Skandia says this is a result of investors demonstrating a reduced appetite for risk in the current volatile markets, with financial advisers using its asset allocation tools to build lower risk portfolios in line with client risk profiles.
Strong in-flows into Merrill Lynch gold & general and JP Morgan natural resources also demonstrate demand for funds providing exposure to commodities.
Invesco Perpetual was the most popular fund group with its two income funds joining two of its fixed interest funds in the top ten.
Skandia head of investment marketing Graham Bentley says market volatility has resulted in a reduced appetite for risk for many investors.
He says: “These market conditions demonstrate one of the key benefits of platform asset allocation tools which enable advisers to switch their client’s investments into more appropriate portfolios rather than coming out of the market completely.
“We have seen significantly increased switch activity on all our platforms and anecdotal evidence suggests this is a measured asset allocation-based response to market conditions, rather than a knee jerk reaction that has often been the case in the past where nervous market conditions prevail.”