Global funds overtook £ strategic bonds to become the bestselling sector for June and had the highest sales rate on record, according to the latest results from the Investment Management Association.
Global funds saw £332m in sales and have now remained in the top five selling sectors for a seventh consecutive month. Over the past year, the monthly average sales have been £179m.
The second most popular sector with £269m was £ strategic bond, which still reported its highest selling quarter on record in the second quarter of 2011 despite being overtaken by global funds.
Geographically, there have been large outflows overall from the developed markets excluding the UK and strong positive results for emerging market sectors.
The European equities sector in particular continued to see large outflows with Europe ex UK losing £75m, Europe inc UK losing £13m and the European smaller companies sector losing £88m.
Investor appetitive for global emerging markets remained strong in June as Asia Pacific ex Japan registered £74m in inflows and the global emerging markets sector brought in £95m.
Global bonds have started to see outflows and registered a loss of £18m, while sterling corporate bonds have seen improved results with inflows of £27m.
Year on year, funds under management have increased from £494.6 billion to £601 billion but net retail sales results are down from £2.6 billion to £2.2 billion over the same period.
Net Isa sales for June totalled £274 million, compared to the monthly average of £205 million for the past 12 months.
Fund platforms had their highest rate of funds under management on record with £114 billion.