The Investment Management Association says its monthly investment statistics for October 2013 show that equity funds were the best selling funds for the seventh month in a row, underlying a shift by retail investors towards equities.
It says funds under management were £765 billion, a 20% increase from October 2012, with net retail sales remaining strong at £1.9 billion.
Equity was the best-selling asset class with net retail sales of £976 million and UK All Companies was the best-selling sector for the first since time April 2004. Tracker funds also did well and saw record net retail sales at £448 million, the highest ever recorded.
Daniel Godfrey, IMA chief executive, said: "It was another strong month for fund sales with retail investors continuing to favour equity funds. Net retail sales of these funds have totalled £9.1 billion so far this year, on course for their best year since 2000."

FUNDS UNDER MANAGEMENT AND SALES

	Funds Under Management	Net Retail Sales	Net Institutional Sales
October 2013	£765 billion	£1.9 billion	-£568 million
October 2012	£636 billion	£1.1 billion	£43 million

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Net retail sales were £1.9 billion for October 2013, taking cumulative sales so far this year to £16.3 billion compared with £11.7 billion in the same period last year. Net sales to institutional investors saw an outflow of £568 million in October 2013.
Mixed asset funds were the second best-selling with net retail sales of £343 million and property funds saw a continued increase in net retail sales for the ninth consecutive month, reaching £223 million in October 2013 – the highest level since April 2010.
Global equity funds were the best-selling in October 2013 with net retail sales of £284 million while European equity funds were the second best-sellers with net retail sales of £184 million. UK equity funds were the third best-selling with net retail sales of £156 million.