Net retail sales of fund of funds soared to their highest ever level in Q3 to £1.4bn, more than four times the £297m recorded in the same period last year.
The most popular fund of funds sector during Q3 was Unclassified, accounting for net inflows of £412.9m, followed by Cautious Managed on £362.3m, according to IMA figures. In total, sales rose 17% on Q2's figure of £1.2bn. Funds under management for the sector also reached a record high of £39.3bn, which is a rise of 21% on the previous quarter (£32.5bn) and 27% up on Q3 last year. Balanced funds accounted for the majority of funds under management, representing 63% of assets, followed by 19% in Equity funds. The number of fund of funds available has also increased by 49 from the 369 ...
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