From Citywire: http://www.citywire.co.uk/professional/-/news/fund-news/content.aspx?ID=352626
Fund of funds post record inflows in Q2
By Drazen Jorgic | 14:54:17 | 05 August 2009
Investors poured a net record of £1.2 billion into fund of funds in the second quarter, while ethical funds registered their first outflows since Investment Management Association (IMA) records begun.
The £1.2 billion was a £100 million more than on the corresponding period of the previous year.
Most of the net sales were of funds that invest externally. The most popular sector in Q2 2009 was cautious managed, accounting for net inflows of £347.5 million, followed by Balanced Managed with a net inflow of £337.5 million.
Ethical funds suffered outflows of £18.4 million.
Overall, funds under management in the second quarter of the year, within the fund of funds space, totalled £32.5 billion, up 15% on Q1 but down 3% on the same quarter in 2008.
Tracker funds also saw a surge in popularity with investors looking for beta exposure on the rising markets. Sales of tracker funds had substantially surged, with net inflows of £258.9 million in Q2, in stark contrast to £31.6 million in outflows the previous quarter and £1.8 million outflows in the corresponding period in 2008.
IMA said gaining market exposure through trackers continued to be most popular with the IFA sector, with intermediaries accounting for 61% of all gross retail sales.
Jane Lowe, director of markets at the IMA, said: 'In line with overall net retail sales, funds of funds saw record net retail inflows in the second quarter. Although only a small proportion of total funds under management, ethical funds by contras, saw their first net outflow since records began in 1992.'
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