Private wealth boosted by record managed funds value?

Managed funds reached a record total value of £557 billion in October, the latest statistics have revealed, which could be good news for private banking customers.

The analysis, produced by the Investment Management Association, named bonds as the most popular form of securities for the fourth consecutive month, with net sales of £809 million.

Overseas-based funds net sales increased by £79 million to £93 million, while the figure for funds in the UK was £2 billion, slightly under the monthly average for 2010, the report continued.

The statistics also showed the month's best selling sector was global emerging markets, which recorded net receipts of £336 million – the highest ever figure.

Absolute return was the second most popular market, while sales of institutional funds were £3.3 billion during the month, the study added.

According to Bloomberg, investment in gold futures, the prices of which have reached an all-time high, rose sharply recently. ADNFCR-2318-ID-800268587-ADNFCR