Global Emerging Markets (GEM) was the best-selling Investment Management Association (IMA) sector for the first time ever in October, the latest sales figures reveal.
The IMA fund sales data for the month show GEM posted net retail sales of £228m, well above its monthly average of £86m over the previous 12 months.
UK Equity Income, Sterling Strategic Bond, Mixed Investment Shares 20-60%, and Global Equity Income were the other most popular sectors over the month.
The statistics also show equities were the top asset class for the second consecutive month, outstripping sales of bond funds.
Equities saw net retail sales of £550m, the highest since April 2012, compared to net retail sales of £336m for bond funds. This is a slight improvement from last month when sales of bond funds were at their lowest point for a year.
Total funds under management in UK domiciled portfolios were £632bn in October, compared to £583bn the previous year. ISAs saw their third consecutive retail outflow, at £108m, compared to an outflow of £16m a year ago.
Richard Saunders (pictured), chief executive of the IMA, said: “Net retail sales remained buoyant in October, with investors adding just under £1bn to their portfolios. Equities were the leading asset class for the second consecutive month. Income funds are still popular with investors, accounting for three of the top five sectors in October.
“GEM were the best-selling sector in net terms for the first time, as investors continued to diversify their investments.”
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