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Net retail sales hit August record, IMA stats

Net retail sales for funds hit a record £2.2bn in August, according to the latest figures from the Investment Management Association.

Total retail sales were marginally down on the £2.3bn taken in July 2009, but are in stark contrast to the £58.7m in August 2008.

The corporate bond sector was the most popular sector for the tenth month in a row, having taken in £338m of assets in August. This was followed by £235m for the UK absolute return sector.

UK property also saw its biggest net inflow since June 2007, having seen net retail sales of £129m, a significant jump of the £34m taken in July.

Bonds continued to be the most popular asset class with £742m of net retail sales in August, this compares to £696m for equities.

Funds under management also reached their highest level since May 2008, having reached £439bn in August.

IMA chief executive Richard Saunders says: “Investors continued to add to their holdings in August, as they have been doing all year so far. It is particularly encouraging to see investors making use of Isas again. After five years of withdrawals from Isas, we have now had six months of net inflows.”

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