Tracker funds net retail sales were the highest on record in July, coming in at £532 million, The Investment Management Association has reported.

The figure was the highest since IMA records began in January 1992. Funds under management for tracker funds were £83 billion as at the end of July 2014. 

Their overall share of industry funds under management was 10.2%, compared with 9.4% in July 2013. The latest monthly statistics for authorised investment funds has shown the UK Equity Income sector still leading the way. UK Equity Income was the best-selling sector with net retail sales of £1.0 billion.

Jonathan Lipkin, IMA director of public policy, said: "Net retail sales remained strong in July at £1.9 billion, with equity funds again leading the way.
"As in June, a key feature was very strong sales of UK Equity Income funds, which took in £1.0 billion."

The top five best-selling IMA sectors for July were:

1. UK Equity Income with net retail sales of £1.0 billion.
2. Property with net retail sales of £304 million.
3. £ Strategic Bond with net retail sales of £274 million.
4. Mixed Investment 20-60% Shares with net retail sales of £238 million.
5. Asia Pacific Excluding Japan with net retail sales of £198 million.

This was the sixteenth consecutive month that equity was the best-selling asset class. Mixed Asset was the second best-selling asset class with net retail sales of £390 million.

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Property was the third best-selling asset class with net retail sales of £304 million.
The worst-selling IMA sector for July 2014 was UK All Companies for the second consecutive month with a net retail outflow of £230 million.
For the five fund platforms that provide data to the IMA (Cofunds, Fidelity, Hargreaves Lansdown, Skandia and Transact) net sales for July 2014 were £945 million.
ISAs had the highest net sales at £495 million, followed by Personal Pensions (£275 million), Unwrapped (£172 million) and Insurance Bonds (£4 million). 
For the same five fund platforms, funds under management as at the end of July 2014 were £172 billion, compared with £153 billion a year earlier.