Total net sales of fund of funds dropped to £803.4m in Q3, down from £1bn the previous quarter, IMA figures reveal.
The latest statistics show fund of funds sales also dipped from the same period last year from £894.1m. Of the £803.4m sales in Q3, 57% were invested externally with Cautious Managed the most popular sector, accounting for £379.2m of the inflows. Total funds of funds under management reached £33.1bn at the end of Q3, up from £32.1bn for the previous quarter and 21% ahead of Q3 2006. Balanced funds accounted for the majority of funds under management, with 68% of assets. Meanwhile, tracker fund retail sales saw a £26.7m net outflow in Q3 this year, compared with an £11.8m outflow in Q...
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