UK savers pumped £11.2bn into retail funds in the second quarter of 2020, according to the latest figures from the Investment Association.

The figure surpassed 2019’s annual total of £9.8bn.

Fund platforms took the lions share (49%) of gross retail sales in June. Gross retail sales through other intermediaries including Financial Planners saw a market share of 25%. Direct gross retail sales for June represented just 5%.

Net retail sales reached £2.2bn in June, the third consecutive month of inflows. In June 2019 net retail sales were £2.5bn.

Net retail inflows for the first half of 2020 ended at £8.7bn.

Bond funds saw significant outflows in March but recovered in the second quarter. Bond fund net retail sales were £2.1bn in June.

Tracker funds remained steady with net retail sales of £2.1bn in June.

UK equity funds however saw a reversal of fortunes with net retail outflows of £1.1bn in June.

Net institutional sales saw an outflow of £129m in June 2020, in comparison to an outflow of £573m for June 2019.

Total funds under management remained steady with 2019. Total funds under management for the UK were £1.3trn, the same figure as June 2019.

Fixed income was the best-selling asset class in June 2020 with £2.1bn in net retail sales. Equity was the second best-selling asset class (£421m inflows) with mixed asset being the third (£398m inflows). All other asset classes experienced outflows.

Property funds saw £115m in net retail outflows in June.

Tracker funds saw a net retail inflow of £2.1bn in June. Tracker funds under management stood at £230bn at the end of the month. Their overall share of industry funds under management was 18%.

Responsible investment funds saw a net retail inflow of £669m in June. Responsible investment funds under management stood at £33bn at the end of the month. Their overall share of industry funds under management was 2.6%.

Chris Cummings, chief executive of the Investment Association, said: “Following the highest ever monthly outflow in March, the second quarter of 2020 saw savers invest more than they did throughout the whole of 2019. Sales rebounded strongly from April through to June to reach £11.2bn for the quarter, eclipsing 2019’s annual total of £9.8bn.

“After a solid run of sales, strong economic headwinds began to turn investors away from UK shares in June as they withdrew £1.1bn from UK equity funds. With Coronavirus infection rates now rising globally post-lockdown and US real GDP having contracted 32.9% in Q2 - the highest ever fall - the outlook for fund flows for the second half of 2020 remains uncertain.”