Sales in North America funds jumped five-fold to hit record levels in February, according to the latest figures from the Investment Management Association.
The IMA North American sector recorded sales of £222m of net retail sales, up from the previous average of the last 12 months of £41m.
The sector was fourth on the best selling sectors list in February, having been 25th in January 2011.
Strategic bonds were the biggest seller with £272m of net retail sales, followed by UK absolute return and the global sector with £225m and £223m respectively.
Net Isa sales continued to be muted in February having recorded £28m in sales. This is well down on the monthly average of £189m for the previous 12 months excluding the Isa season in March and April.
Equities was the leading asset class with £774m of net retail sales in February. Net retail sales in bonds totalled £195m.
February saw net retail sales of £1.9bn, up from £1bn in January. Funds under management stood at £575.9bn.
IMA director of markets Jane Lowe says: “”In February, net retail sales of funds bounced back to £1.9 billion, in line with the twelve month average.
“Equities were again the highest selling asset class in February, led by funds investing in overseas equities. The top three selling equity sectors were the Global, North America and Japan sectors.
“The best selling sector in February was strategic bond–however, as in recent months, net retail sales of bond funds overall were well below the peaks of 2009 and 2010.”