Net sales of overseas domiciled funds in the UK were £421.6m in May, according to latest figures from the Investment Management Association, reversing the falling trend seen earlier in the year . Of this total, the amount attributable to retail sales was £180.6m.
This was a significant step forward after total net sales in April of £26.4m, itself a positive move after net outflows in the previous three months totalled more than £850m.
Funds under management in overseas funds held in the UK have also recovered after experiencing falls earlier in the year. The total at the end of May stood at £17.35bn, up from £15.94bn in April, but this still only represents a return to the level of assets under management in November 2007.
Richard Saunders, chief executive of the IMA, commented: “May saw respectable levels of new retail investment, after the recovery in April. But sales are still well below the levels of 2007, and investors continue to remain cautious in their choice of asset class.”
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