Bond fund sales help UK onshore funds top £500bn AUM

Bonds were the best selling asset class in March, a month in which UK domiciled funds topped £500bn in assets under management for the first time, according to IMA figures.

Bonds supplanted equities as the most popular asset class as investors rotated into safer areas. Overall UK-domiciled funds took £1.8bn of assets over the month, the highest since March 2006 and the fourth highest March on record. This follows on from the highest ever January and February, making the first quarter of this year the strongest ever for retail sales. By the end of the month, UK domiciled funds held £510.9bn, £27bn up on February and £162bn more than a year ago, the IMA says. Bond funds took £930m of net new money, or around half all the net sales to retail investors in...