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UK savers return to funds with GBP11.2 billion Q2 inflows

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UK savers put a cumulative GBP11.2 billion into retail funds in the second quarter of 2020, according to latest figures published by the Investment Association (IA). Net retail sales reached GBP2.2 billion in June, marking the third consecutive month of inflows. Inflows for the first half of 2020 reached GBP8.7 billion.

Bond funds meanwhile, saw growing net retail sales of GBP2.1 billion in June, as they continued to recover from March’s significant outflows, while tracker funds remained steady, with increasing net retail sales of GBP2.1 over the month.

UK equity funds saw a reversal of fortunes with net retail outflows of GBP1.1 billion in June.

Chris Cummings, Chief Executive of the Investment Association, says: “Following the highest ever monthly outflow in March, the second quarter of 2020 saw savers invest more than they did throughout the whole of 2019. Sales rebounded strongly from April through to June to reach GBP11.2 billion for the quarter, eclipsing 2019’s annual total of GBP9.8 billion.

“After a solid run of sales, strong economic headwinds began to turn investors away from UK shares in June as they withdrew GBP1.1 billion from UK equity funds. With coronavirus infection rates now rising globally post-lockdown and US real GDP having contracted 32.9 per cent in Q2 – the highest ever fall – the outlook for fund flows for the second half of 2020 remains uncertain.”

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