Fofs saw net business of £1.1bn in the three months to June, slightly up from the same quarter last year when the figure was £1bn but a big rise from the first quarter of this year’s figure of £693m.
Total net retail fund business stood at £2.3bn for the second quarter, down from £3.6bn in the second quarter of 2007 but a massive improvement on this year’s first-quarter total of just £190.5m.
Tracker funds saw a net outflow of £700,000 in the second quarter compared with an inflow of £64.3m in Q1 and an outflow of £15.3m in Q2 2007.
Ethical funds had a net inflow of £49.5m in Q2 compared with £27.6m in Q1 and £137.7m in Q2 2007.
Chief executive Richard Saunders says: “Funds of fund sales have proved resilient over the last nine months while retail sales in other sectors have slowed down markedly.
“This almost certainly reflects a wish by investors and their advisers to take advantage of the diversification they can offer in turbulent markets but also reflects a longer underlying trend to invest in this product type.”