Funds investing in commercial property witnessed a £48m outflow of cash in October, the latest investment fund statistics from the Investment Management Association (IMA) reveal.
Despite this outflow of funds the Specialist sector held on to its position as the top-selling sector for a second month in a row, recording net inflows of £202.5m. This was supported by a net inflow of £166m into commodity funds.
The sector with the biggest outflows was Global Bonds. Over the month investors redeemed £152.8m. British corporate bond suffered an outflow of £49m.
Overall, net retail sales of unit trusts and Oeics were £876m, down only 1% from September. However, these sales were 45% lower than the same month last year. Of these sales, £563m was invested in equities, followed by £209m in balanced funds.
The most popular distribution channel for UK domiciled funds was the intermediary channel, which represented 87% of gross retail business.
Meanwhile, overseas funds under management increased 7% from September, rising to £18.5 billion.