Net retail sales reached £2.8 billion in April 2024, marking highest level of inflows since August 2021


Net retail sales of UK domiciled funds totalled £2.8 billion in April 2024, marking the highest level since August 2021, according to data published by the Investment Association (IA) today. Sales were boosted by ISA season, as savers sought to utilise their £20,000 personal allowance from the previous tax year, or equally take advantage of a fresh allowance in the new tax year when investing.

Key findings for April 2024

  • Net retail sales of £2.8 billion in April, up from £504 million in March 2024.
  • Global remained the best-selling sector, with net retail sales of £1.3 billion, the highest since £1.8bn in April 2021.
  • Inflows into tracker funds reached a new record of £3.8 billion in April, exceeding the previous high of £3.0 billion in November 2020. Whilst investors favoured equity trackers (£2.6bn in April), all asset classes saw inflows to tracker funds across April, including fixed income and mixed assets at £842 million and £287 million respectively.
  • April was the first month for positive inflows into mixed asset funds since March 2022, totalling £376 million. Inflows were concentrated to Mixed Investment 40-85% shares which has historically been the most popular selection among investors.
  • Inflows into North American equity declined from £662 million in March to £278 million in April. The sustained rally in US equities since November 2023 faltered as robust economic data from the US led to expectations for rate cuts being pared back.
  • Responsible Investment outflows remained neutral at £12 million in April.

The search for diversification

Investors continued to favour global equity funds with inflows of £1.3 billion for a second month in April, the highest figure since £1.8 billion in April 2021. As concerns that the cycle of interest rises might trigger serious recessions have faded, investors have begun to return to equity funds over recent months. Moving forward, the expectation of interest rate cuts later in the year boosts equities, as lower interest rates broadly imply higher values for shares and more economic growth. Global equity funds provide investors exposure to equities while mitigating country specific risk through geographic diversification.

It is noteworthy that inflows into Global were predominantly driven by tracker funds, suggesting investors are focused on achieving diversification at low cost.

Global sector monthly net sales (January 2019 – April 2024)







Miranda Seath, Director, Market Insight & Fund Sectors at the Investment Association, said:

“The positive inflows for April signal the green shoots of investors’ increasing confidence. The sharp rise in inflows can partly be attributed to the new tax year, with strong ISA sales during April as investors sought to maximise their personal allowances. Tracker fund sales reached a new record of £3.8 billion in April, a significant result after the toughest two years for fund flows the industry has ever seen. Cost conscious investors topped up their ISAs, favouring global equity trackers. This supports the results of the IA’s recent ISA survey, which revealed that despite the continued high cost-of-living, 38% of investors ended this tax year having invested more than in the previous tax year.

“As we head to the polls in the UK on July 4th, it remains to be seen how the UK election will impact investor attitudes, particularly the extent to which it will influence investor demand for UK equities, which have remained in outflow through Q1. The next elected government will have limited fiscal headroom and will be required to balance competing spending priorities, but despite these constraints, there will be an opportunity to restore stability to the UK economy as UK inflation continues to calm and we see tentative growth.”

“The outcome of the November elections in the US will arguably be the most significant for markets. Regardless of who wins, we could see increasingly protectionist policies linked to boosting American industries. The recent implementation of 100% tariffs on Chinese electric vehicles is a further sign of a shift from the globalised, integrated supply chains of the nineties and noughties. In April, global funds dominated overall inflows as UK investors looked for global diversification in. As elections results roll in around the globe, investors and markets will be watching the implications for the global economy.”






Funds Under Management   

Net Retail Sales   

Net Institutional Sales   

April 2024

£1.46 trillion   

£2.76 billion 

-£884 million   

April 2023  

£1.39 trillion   

£1.15 billion

-£1.46 billion  


The five best-selling Investment Association sectors for April 2024 were:  

  1. Global with net retail sales of £1.29 billion.  
  2. Volatility Managed with net retail sales of £463 million.   
  3. Mixed Investment 40-85% Shares followed with net retail sales of £384 million.   
  4. North America with net retail sales of £291 million.   
  5. Europe Excluding UK was fifth with net retail sales of £280 million.    

The worst-selling Investment Association sector in April 2024 was UK All Companies, which experienced outflows of £997 million.  


Fixed Income saw £1.1 billion in inflows. 

Equity funds saw £941 million in inflows.

Other saw £387 million in inflows. 

Mixed Asset saw £376 million in inflows.

Money Market saw £62 million in inflows.

Property saw £79 million in outflows. 


Global funds saw net retail inflows of £1.2 billion.

North America experienced inflows of £278 million.

Japan funds experienced inflows of £254 million.

Europe funds experienced inflows of £206 million.

Asia funds experienced inflows of £193 million

UK funds saw net retail outflows of £1.3 billion.


Tracker funds saw net retail inflows of £3.8 billion in April 2024. Tracker funds under management stood at £348 billion at the end of April Their overall share of industry funds under management was 23.8%.


Responsible investment funds saw a net retail outflow of £12 million in April 2024. Responsible investment funds under management stood at £104 billion at the end of April Their overall share of industry funds under management was 7.1%.   


For further information, please contact:

Helen Ayres, Head of Communications: [email protected].  
T:  +44 7596 872575  

Ellen Hodgetts, Communications Manager: [email protected]

Ismail Abdi, Communications Executive, [email protected]

+44 7596 872575

IA press office: [email protected]   

Notes to Editors     

  • To view the IA’s ISA Barometer 2024 report
  • The IA and Opinium surveyed 1000 UK retail investors across different age groups and regions of the UK about their goals for saving into a stocks and shares ISA. The survey was fielded between the 13th and 17th March 2024.  

The Investment Association has made a data revision to its monthly fund statistics, which has resulted in revising down annual net retail sales over 2023. The change to flow data is principally from funds that are not allocated to the IA sectors. These sales appear in the Unallocated row on tab 7 of the 2023 press tables. This in turn has impacted on the reported total retail sales at industry and asset class level. There has been a small downward revision of FUM. Firms making revisions to the data reported have now submitted updated data to the IA with the revised year-end figures published in this month’s press release.

To see a breakdown of the fund 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 £8.8 trillion of assets and the investment management industry supports 126,400 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 37% of all assets managed in Europe.