Fund flows return to inflows of £389 million in November

UK investors put £389 million into funds in November 2022, in the second month of net retail inflows in 2022, according to data published today by the Investment Association (IA). The last month of net retail inflows in 2022 was £608 million in April during ISA season.  

Other key findings for November 2022 include:

  • Fixed Income funds returned to inflows at £1.3 billion, following outflows of £548 million in the previous month. This was driven by Corporate Bond and £ Corporate Bond, which saw inflows of £720 million and £238 million respectively.
  • Equity funds saw outflows of £486 million, despite strong sales to North American equity funds, which saw inflows of £1.3 billion.
  • Tracker funds remained in inflows, reaching £1.6 billion in November. This is the highest inflow into tracker funds in 2022.
  • North America was the bestselling IA sector this month, with inflows of £1.3 billion, while UK All Companies saw the highest outflow in November with outflows of £976 million.
  • Responsible investment funds returned to outflows in November at £153 million, following October’s modest inflow.

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

“Funds saw their first net retail inflow in November since April. This is after six months of consistent outflows in 2022, which peaked at £7.5 billion in September in the aftermath of the mini budget. Fixed income funds dominated inflows; with rising interest rates beginning to cool inflation, at least in the US, bond investors will ultimately benefit from higher rates of fixed interest. Investors favoured corporate bond funds in November.

“However, the outlook for investors remains challenging and sales to equities reflected a more mixed picture. Outflows from UK and European equity funds accelerated to £1.1 billion and £834 million respectively, reflecting the challenging economic outlook in these regions. Inflows into North American equity funds were strong, at £1.3 billion. Positive inflation data from the US buoyed market expectations that across the pond, the green shoots of recovery are emerging. Overall, there are still choppy waters ahead and investors will need to see what the New Year brings.”



Funds Under Management  

Net Retail Sales  

Net Institutional Sales  

November 2022   

£1.4 trillion 

£389 million

-£6.1 billion

November 2021 

£1.6 trillion 

£2.5 billion

-£736 billion


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

  1. North America with net retail sales of £1.3 billion. 
  2. Corporate Bond was second with net retail sales of £720 million. 
  3. £ Corporate Bond followed with net retail sales of £238 million. 
  4. Global Inflation Linked Bond was fourth this month with net retail sales of £205 million. 
  5. Volatility Managed remained in fifth with net retail sales of £149 million. 

The worst-selling Investment Association sector in November 2022 was UK All Companies, which experienced outflows of £976 million.  


Fixed Income funds saw inflows of £1.3 billion. 

Other funds (which includes the Targeted Absolute Return, Volatility Managed, and Unclassified sectors) saw £329 million in inflows.

All other asset classes experienced outflows this month.

Property funds experienced £62 million in outflows.

Mixed Asset funds saw outflows of £217 million.

Equity funds saw outflows of £486 million.

Money Market saw outflows of £508 million.


North America funds saw net retail inflows of £1.3 billion.

Asia funds saw inflows of £83 million.

Global funds saw inflows of £58 million.

All other equity regions experienced outflows this month.

Japan saw outflows of £26 million.

Europe funds saw outflows of £834 million.

UK funds saw outflows of £1.1 billion.


Tracker funds saw net retail inflows of £1.6 billion in November 2022. Tracker funds under management stood at £289 billion at the end of November. Their overall share of industry funds under management was 20.8%.


Responsible investment funds saw a net retail outflow of £153 million in November 2022. Responsible investment funds under management stood at £92 billion at the end of November. Their overall share of industry funds under management was 6.6%.  


Gross retail sales for UK fund platforms totalled £13.1 billion, representing a market share of 53.5%.

Gross retail sales through other UK Intermediaries including IFAs totalled £ 5.7 billion, representing a market share of 23.1%.

Gross retail sales for Discretionary Manager totalled £2.2 billion, representing a market share of 9.0%.

Direct gross retail sales totalled £758 million, representing a market share of 3.1%.

In November, Execution only intermediaries totalled £115 million in gross retail sales and accounted for 0.5% of the market.


For further information, please contact: 

Arianna Schardt, Communications Executive: [email protected]

T: +44 (0)20 7269 4625  

Helen Ayres, 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 250 members manage £10.0 trillion of assets and the investment management industry supports 122,000 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.