UK savers put £1.6 billion into retail funds in July, according to latest figures published by the Investment Association (IA) — but stock funds experienced outflows of £609 million, driven by UK equities. 

Bond funds saw net retail sales of £1.8 billion in July, with the “global bond” product the best-selling sector with £693 million invested. 

Responsible Investment funds experienced another month of strong net retail sales with £966 million invested in July.

Tracker funds saw net retail inflows of £1.4 billion in July.

The Investment Association’s figures for fund sales cover retail and institutional sales in authorised unit trusts and open ended investment companies (OEICs) provided by its membership to UK investors. 

The figures do not include investment trusts and ETFs.

Investment Association CEO Chris Cummings said: “The fund market maintained a steady course in July as savers invested £1.6 billion. 

“Bond funds took pole position, with net retail sales close to £2 billion for the third consecutive month, as investors sought out new sources of income.

“Responsible investment funds have sustained their strong appeal during the coronavirus pandemic, with savers investing almost £1 billion for the third time since April.”

The Investment Association (IA) represents the UK investment management industry. Its 250 members manage £7.7 trillion of assets.