Absolute return UK Fofs were the biggest sellers with net business of £264.2m, with the specialist Fof sector producing net sales of £132m and balanced managed bringing in £92.3m.
Funds of funds under management stood at £31.4bn at the end of September, a 5.7 per cent fall from £33.3bn at the end of the second quarter. Balanced funds represented 65 per cent of assets, with 19 per cent in equity funds.
Retail sales of tracker funds saw a net outflow of £33m in Q3, with total funds under management standing at £20.9bn, a fall of 12 per cent from the previous quarter.
Ethical funds under management also fell from £5.2bn to £4.8bn in the last quarter. Retail sales saw a net inflow of £20.5m in Q3 compared with an inflow of £49.5m in Q2 2008.
IMA chief executive Richard Saunders notes: “Fund of fund sales continue to be positive despite the mixed picture for the industry as a whole over the last year. Outflows from trackers in the third quarter were broadly in line with those from equities. In contrast, the smaller group of ethical funds continue to show modest inflows.”