Fund of funds hit record AUM

Assets under management within fund of funds have reached a record level of £46.5bn, according to the IMA.

Net retail sales of funds of funds totalled £1.2bn, ranking as the sector's best quarter, up 61% on Q1 2009. Cautious Managed was the best selling sector, accounting for 34% of all funds of funds net retail sales in Q1. However, the Balanced asset class accounted for the highest proportion of total funds under management for funds of funds at 62%, while the Balanced Managed sector had 27% of all funds of funds. In stark contrast, net retail sales of ethical funds in the first quarter were one of the lowest on record. Sales totalled £16m, significantly lower than in the previous two...