Investors ploughed a record £8.3bn into funds during November as vaccine breakthroughs and the US Presidential election buoyed market sentiment, according to Investment Association (IA) data.
Net retail sales for November hit £8.3bn, crashing through the previous monthly record of £5.7bn set more than three years earlier. Stock funds were the main beneficiary, with £4.1bn in net sales, as investors bet on a way out of the pandemic alongside Democrat Joe Biden's election victory over incumbent Republican Donald Trump. Global equity funds, the best-selling sector in November, also set a monthly record, with a £1.7bn inflow. IA CEO Chris Cummings said news developments in the month had boosted savers' confidence, but countered: "Given the rocky start to 2021 with surging c...
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