Fund of funds accounted for a record level of funds under management at the end of Q3 this year, according to the IMA, up 18% compared to the same quarter last year.
Funds of funds' FUM totalled £67.5bn at the end of Q3 2012, which accounts for 10.7% of total funds under management, a record figure and up from 10.4% a year ago. The Q3 2012 statistics showed total fund of funds sales recorded another new high relative to the industry as a whole according the Investment Management Association (IMA). Net retail sales of fund of funds were £755m in Q3 this year, from total net retail sales of £2bn, compared to £906m in Q3 2011 out of £2.8bn total sales. However, net retail sales for Fofs for the first three quarters of 2012 (£2.2bn) are at half the...
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