Retail fund sales hit two-year high in July

UK net retail fund sales reached their highest level in over two years in July as investors shrugged off June's market volatility.

Monthly figures from the Investment Management Association show net retail sales stood at £2.2bn last month, the highest level since April 2011. That was again fuelled by equity funds, which saw net retail sales of £1.4bn, the highest level since December 2010. Global equity funds were the best-selling regional equity class on the month with net sales of £515m, followed by UK equity funds' £392m in net sales. The recent reversal in UK equity fund sales has now continued for several months. But the 12-month average remains in the red, at £9m in net withdrawals, the IMA noted. "We...