FT Adviser – Figures produced by the IMA (Investment Management Association) revealed in the first three months of this year that the industry achieved total investment funds under management of £382bn and net retail sales of funds of funds of £889m.
Richard Saunders, chief executive of the IMA, said: “They [funds of funds] continue to increase in popularity and are now running at about 20% of all fund sales.â€Â
The figures also showed balanced funds accounted for the majority of funds under management, representing 69% of assets, followed by 19% in equities.
Tracker funds under management in the first quarter of 2006 reached almost £24bn, an increase of 11% from the fourth quarter of last year and 46% from the £16bn in the first quarter of 2005.
