Funds of funds enjoy third-quarter growth

New figures released by the Investment Management Association (IMA) have revealed that funds of funds experienced net sales of £1.4 billion in the third quarter of 2009.

Representing a 17 per cent increase on quarter two, this figure is the highest on record for funds of funds.

Meanwhile, tracker funds witnessed net sales of £79 million during the period, which was down from £259 million in the previous quarter but higher than the corresponding three months of last year.

’The third quarter saw a continuation of the strong inflows to funds that have been a feature of 2009 so far. That trend is being seen in these statistics,’ commented IMA chief executive Richard Saunders.

In addition, net retail sales for ethical funds reached £59 million - the highest level since the fourth quarter of 2007.

Statistics recently issued by the IMA revealed that total net retail sales for the year-to-date reached £18.7 billion in September.
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