Net retail fund sales reached a record monthly high of £8.3bn in November 2020, beating the previous record of £5.7bn set in September 2017, according to the latest data from the Investment Association.

Responsible investment funds continued to receive strong inflows with a new monthly high of £1.1bn net retail sales. Their overall share of industry funds under management was 3%.

Both active and tracker funds experienced record monthly inflows in November 2020 of £5.3bn and £3bn respectively.

In November, gross retail sales for UK fund platforms totalled £15bn, representing a market share of 47%.

Gross retail sales through UK intermediaries, including Financial Planners, were £8.8bn. This represents a market share of 27%.

Chris Cummings, chief executive of the Investment Association, said: “Savers’ confidence was boosted by news of the coronavirus vaccine breakthrough and a clear outcome in the US election with a record £8.3 billion placed into funds in November 2020. Equity funds benefited most with £4.1 billion invested, while strong inflows into global equity and responsible investment funds continued as both broke new record monthly highs.

“Given the rocky start to 2021 with surging coronavirus cases, it remains to be seen whether investor confidence will continue into the new year.”