Net retail sales for August plunged to their lowest level since October 2008, new IMA statistics show, dragged down by record outflows from the UK All Companies sector.
The statistics showed net retail sales totalled £23m in August, with UK All Companies proving the worst selling sector with net outflows of £401m for the month, its highest outflow since August 2008.
Total net sales from January to August 2012 totalled £9.1bn, down from £18.8bn in the same period last year.
"Retail sales in August were the lowest since October 2008, but it is only one month. Taking the first eight months of the year, net retail sales of £9.1bn are down on last year but still healthy," said Richard Saunders, chief executive of the IMA.
The industry has not seen such lacklustre monthly sales figures since the month after the collapse of Lehman Brothers, when there was an outflow of £490m.
However, funds under management increased from £564bn to £619bn for August.
Fixed income continued to drive inflows and was the best-selling sector for the ninth consecutive month, with the IMA Sterling Strategic Bond sector the most popular with net retail sales of £187m, above the sector monthly average of £158m over the previous 12 months.
The IMA Corporate Bond, IMA Global Equity Income, IMA Mixed Investment Shares (20-60%) and IMA Global Bond sectors were also popular among investors.
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