Outflows slow to £129 million in July amidst continued uncertainty

6 September 2022

UK savers took £129 million out of funds in July 2022, down from £4.5 billion in June, according to data published today by the Investment Association (IA). This is the sixth month of net retail outflows this year.

Other key findings for July 2022 include:

  • Fixed Income funds saw inflows of £893 million, marking the first month of inflows in the asset class this year, while Equity funds and Mixed Asset funds saw outflows of £1.6 billion and £117 million respectively.
  • Short Term Money Market was the bestselling IA sector in July, with net retail inflows of £513 million, as investors take a wait and see approach amidst an uncertain outlook for markets. Corporate Bond was the second highest selling sector, with net retail sales of £495 million.
  • Tracker funds rebounded this month, with inflows of £924 million, up from last month’s outflow of £41 million. The largest inflows were to fixed income trackers at £466 million.
  • Responsible investment funds again saw inflows this month, with net retail sales of £198 million in July, up from last month’s inflows of £71 million.

Chris Cummings, Chief Executive of the Investment Association, said:

“The significant outflows we saw in June softened in July, with fixed income funds returning to inflows this month. While we saw some improvement in July, the overall outlook remains uncertain, illustrated by the recent surge in UK government bond yields. Equity funds continue to face challenges in the current market environment as the major central banks prepare for a further round of rate rises to combat inflation.

“Amidst this considerable market uncertainty, investors continue to weigh the push and pull factors of putting money aside to meet their longer-term financial goals and the impact of the escalating cost-of-living crisis on their ability to invest.”



Funds Under Management  

Net Retail Sales  

Net Institutional Sales  

July 2022   

£1.4 trillion 

-£129 million 

-£9.4 billion

July 2021 

£1.5 trillion 

£4.9 billion

£3.2 billion 



The five best-selling Investment Association sectors for July 2022 were: 

  1. Short Term Money Market with net retail sales of £513 million. 
  2. Corporate Bond was second with net retail sales of £495 million. 
  3. Volatility Managed followed with net retail sales of £267 million. 
  4. UK Gilts was fourth again this month with net retail sales of £199 million. 
  5. Global Equity Income was fifth with net retail sales of £153 million. 

The worst-selling Investment Association sector in July 2022 was Europe Excluding UK, which experienced outflows of £471 million.  


Fixed Income funds saw inflows of £893 million.

Money Market had inflows of £468 million.

Other funds (which includes the Targeted Absolute Return, Volatility Managed, and Unclassified sectors) saw £283 million of inflows.

Property funds experienced £36 million of outflows.

Mixed Asset funds saw outflows of £117 million.

Equity funds saw outflows of £1.6 billion.


All equity regions experienced outflows this month.

Japan saw outflows of £70 million.

North America funds saw net retail outflows of £301 million.

Asia funds saw outflows of £89 million.

Europe funds saw outflows of £518 million, while UK funds saw outflows of £876 million.

Global funds saw outflows of £70 million.


Tracker funds saw net retail inflows of £924 million in July 2022. Tracker funds under management stood at £290 billion at the end of July. Their overall share of industry funds under management was 20%.


Responsible investment funds saw a net retail inflow of £198 million in July 2022. Responsible investment funds under management stood at £91 billion at the end of July. Their overall share of industry funds under management was 6.4%.


Gross retail sales for UK fund platforms totalled £11 billion, representing a market share of 48.8%.

Gross retail sales through other UK Intermediaries including IFAs totalled £6.5 billion, representing a market share of 29.3%.

Direct gross retail sales totalled £1.1 billion, representing a market share of 5.0%.

In July, Execution only intermediaries totalled £155 million in gross retail sales and accounted for 0.7% of the market.


For further information, please contact: 

Arianna Schardt, Communications Executive: [email protected]

T: +44 (0)20 7269 4625  

Katie Martin, Head of Communications: [email protected] 

T: +44 (0)20 7269 4625 

IA press office: [email protected] 

Notes for Editors  

This data includes the six new sectors launched from the Investment Association’s (IA) Global and Specialist sectors on Monday 13 September 2021. 

Currently, the two sectors are among the largest within the classification scheme, with 471 funds included within the IA Global sector and 332 in the IA Specialist sector. As the retail fund market evolves and grows, the creation of the new sectors will help investors to more easily find similar types of funds. The decision to create the new sectors was taken by the IA Sectors Committee after a public consultation with the industry and sector users.  

New country - regional equity sectors:  

  • Latin America 
  • India/Indian Subcontinent 

Industry sectors: 

  • Financials and Financial Innovation 
  • Healthcare 

Alternative investment approaches: 

  • Infrastructure 
  • Commodity/Natural Resources 

To see a breakdown of the data referenced in this press release, please see all of the tables here

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 our membership to UK investors. The figures do not include investment trusts and ETFs. 

Each month small revisions to figures have been made since the previous press release. This reflects additional information received by The Investment Association. 

Net retail sales comprise total retail sales minus repurchases (including switches between funds), thus the figures can result in a negative figure or outflow. 

* Regional breakdown for equity funds 

The following Investment Association sectors have been grouped together to compile the figures for regional equity sales: 





North America


Asia Pacific excl. Japan

Europe excl. UK



North America

UK All Companies

Asia Pacific incl. Japan

Europe incl. UK

Global Emerging Markets

Japanese Smaller Companies

North America Smaller Companies

UK Equity Income

China/Greater China

Europe Smaller Companies

Global Equity Income



UK Smaller Companies

India/Indian Subcontinent














Technology and Technology innovation






Financials and Financial innovation










Direct Channels 

Direct includes sales forces and tied agents, private clients and other direct to investor sales without intermediation. 

** The Investment Association’s ISA figures are based on information collected from fund companies and five fund platforms (AEGON, Fidelity, Hargreaves Lansdown, Quilter, and Transact) where they are the ISA provider. Fund business through other ISA providers such as wealth managers is not included. The Investment Association’s figures cover about three-quarters of the whole of the market for funds held in ISAs. 

About the Investment Association (IA): 

The IA champions UK investment management, supporting British savers, investors and businesses. Our 270 members manage £9.4 trillion of assets and the investment management industry supports 114,000 jobs across the UK. 

Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers. 

Our purpose is to ensure investment managers are in the best possible position to: 

  • Build people’s resilience to financial adversity 
  • Help people achieve their financial aspirations 
  • Enable people to maintain a decent standard of living as they grow older 
  • Contribute to economic growth through the efficient allocation of capital. 

The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs. 

The UK is the second largest investment management centre in the world, after the US and manages over a third (37%) of all assets managed in Europe.