The fixed income sector topped the Investment Association’s (IA) retail sales chart for the fifth consecutive month in October with net sales of £2 billion.
The IA recorded £5 billion in retail and £1.9 billion in institutional sales in the month. The industry has gathered £200 billion in the past 12 months.
‘2017’s record-breaking run continued in October as monthly net retail sales were again in excess of £5 billion,' said Chris Cummings (pictured), chief executive of the IA.
‘Industry funds under management also increased by almost £30 billion through the month which means that, at the end of October our members were responsible for £1.1 trillion of UK investor savings and investments.’
Alastair Wainwright, fund market specialist at the IA, said: ‘For the third month in a row, Sterling Strategic Bond was the most popular sector with retail investors as they allocated £1.6 billion in October.
'Notably, the Sterling Strategic Bond has featured in the five best-selling sectors each month since December 2016.’
Funds classified as ‘other’ were the second best-selling with net retail sales of £1.1 billion. This includes the targeted absolute return, volatility managed, protected and unclassified sectors.
Mixed asset was the third best-selling asset class with net retail sales of £963 million. Equity was the fourth best-selling asset class with net retail sales of £644 million.
Money Market funds saw an inflow of £270 million, whilst Property funds experienced an inflow of £54 million.