Fund of fund sales soar in Q2

IMA statistics show total net retail fund of fund sales hit £1.1bn in the second quarter, well up on Q1 this year and a 6% increase on Q2 2007. The Specialist and Cautious Managed sectors were the most popular, with net sales of £447m and £417m respectively. Funds under management in fund of funds hit £33.3bn, 2% higher than the previous quarter and 4% up on the corresponding period last year. However, retail tracker fund sales saw a slight £0.7m net outflow in Q2, better than the £15.3m outflow in the second quarter of 2007, but well below the £64.3m inflow in Q1 this year. Tracker ...