Equity fund sales soar to 15-year high in July

UK vehicles lead charge

Equity fund sales hit a 15-year peak in July, according to the latest statistics from the Investment Association, ahead of a turbulent August which saw many investors retreating from markets.

The IA said equity fund net retail sales surpassed £2bn in July, the highest rate since April 2000, while total fund sales were £3bn compared to £2bn a year ago. UK equity funds were best sellers in July, with net retail sales of £943m - almost double the level seen during the previous month and the highest since March 1999 when they were £1.2bn. Europe was the second best-selling region, followed by global and Japanese equity funds. Meanwhile, Asian equity funds saw outflows of £151m over the month. The UK Equity Income sector was the top-selling IA peer group with sales of £61...