Net retail fund of fund sales dived from £503.8m in Q2 to just £82.5m last quarter.
The Q3 IMA statistics revealed retail fund of fund sales plunged from the £332.7m recorded in the corresponding period last year – while total funds under management dipped almost £2bn from last quarter, to £31.4bn.
Absolute Return was the most popular sector including institutional sales, with a £264.2m inflow in Q3.
Tracker fund net retail sales fell to a £33m outflow, following on from the small decline in Q2. Net ethical fund retail sales in Q3 dipped to £20.5m, down from the £49.5m posted in the previous quarter.
"Fund of fund sales continue to be positive despite the mixed picture for the industry as a whole over the last year,” IMA chief executive Richard Saunders says.
“Outflows of about 1.5% from tracker funds in the third quarter were broadly in line with those from equities as a whole.
In contrast, the smaller group of ethical funds continue to show modest inflows."
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