This follows a drop in March when mixed asset was the top sector. Equity funds had previously held the best-selling asset class position for six consecutive months.
Equity funds saw net retail sales of £799m while total net retail sales reached over £2.1bn. Funds under management totalled £726bn.
Within the equity funds sector, UK equity income was the top-selling sector followed by mixed investment 20-60 per cent shares.
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Daniel Godfrey, IMA chief executive, said: "April net retail sales at over £2bn were close to last year's level and a big improvement on the previous month. Total funds under management are up nearly 20 per cent on last year at £726bn.
"Equity returned as the leading asset class with UK equity funds seeing a turnaround from negative to positive sales in April."
Isas funds under management totalled £123bn while Isa net sales totalled £1bn, some £374m of which were secured in the first five days of April.
Platform funds under management totalled £146bn, up from £118bn a year ago, and net sales were £1.5bn. Platform data came from Cofunds, Fidelity, Hargreaves Lansdown, Skandia and Transact.
Fund platforms saw gross retail sales of £6.5bn while gross retail sales from wealth managers, stockbrokers and financial advisers totalled £4.9bn. Direct gross retail sales were £1.2bn.

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