Woodford launch sends IMA UK Equity Income sales to record high

Net retail sales of UK equity income funds hit a record high of £1.4bn last month, according to the Investment Management Association, as Neil Woodford's new fund provided a boon to the sector.

The £1.4bn figure contributed to overall net retail sales of £2.1bn. Equity funds, meanwhile, were the best-selling asset-class for the 15th month in a row with net retail sales of £1.2bn. Woodford's CF Woodford Equity Income fund raised £1.6bn during its offer period last month, though it is not known how much of this amount was retail money. The sales for the UK Equity Income sector contributed to net sales of £870m for UK equity funds, the highest such figure for 16 years. However, that figure masks an outflow of £421m for UK All Companies funds in June, making it the worst-sell...