FoF sales top £1bn in Q2 but tracker appetite subdued - IMA

Net retail sales of funds of funds have exceeded £1bn for the first time in a year, according to IMA figures.

Funds of funds, which now account for 10.6% of total funds under management tracked by the IMA, enjoyed net retail sales of £1.1bn in Q2 2012. This is the highest figure since the £2bn reported in Q2 2011. But net retail sales of tracker funds fell to £312m on the quarter, the lowest level since Q1 2010 and well below the £534m average seen over the past four quarters. Nonetheless, tracker funds now account for 7.5% of total FUM, up from 7.1% a year ago. "Net retail sales of funds of funds went above £1bn in this quarter for the first time in a year. While the second quarter saw mo...