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Fof money grows to 29bn

Cautious managed funds led the way as investment in funds of funds reached an all-time high in the final quarter of 2006, according to the Investment Management Association.

Total funds under management in Fofs reached 29bn in the fourth quarter, up from 27bn at the end of the third quarter and 24 per cent higher than in the final quarter of 2005.

Total net sales were 729m in the fourth quarter, with net retail sales amounting to 610m. This was an increase of 8 per cent on third-quarter net retail inflows but a fall of 6 per cent on the final quarter of 2005.

The most popular sector in the fourth quarter was cautious managed with some 317m of new inflows. However, the balanced managed sector remained most popular overall, accounting for over two-thirds of total money invested in Fofs.

Total net retail sales over 2006 reached their highest level with inflows of 2.9bn.

Three-quarters of the total new money invested in the fourth quarter went into unfettered Fofs.

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