Sales to Indian and North American equities provide bright spot in month of outflows


UK investors took £2.7 billion from funds in February, according to data published today by the Investment Association (IA). This outflow is an increase of £1.6 billion from January. 

Key findings for February 2024:  

  • All major asset classes saw outflows in February. Outflows were highest from Money Market funds, with investors taking out £1.2 billion principally from the Short Term Money Market Sector.  

  • Outflows from Equity funds slowed to £259 billion as investors opted for funds investing in North America and India. 

  • North America was the best-selling IA sector, with a £770 million inflow. 

  • The India/Indian Subcontinent Sector saw record inflows of £228 million, equivalent to a sizeable 4.7% of funds under management.  

  • Tracker funds maintained steady inflows of £2.1 billion.  

  • Outflows from Responsible Investments slowed to just £7 million in February.  

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

"February marks a second consecutive month of outflows across all asset classes. Flows to funds tracking indices continue to buck this trend, remaining resilient. Investors continue to use tracker funds to gain cost effective exposure to the major developed markets– the US stock market has returned 6% since the beginning of 2024 and that has translated into solid sales to trackers, which made up two thirds of inflows to the top selling North America sector. 

“Investors are also looking to opportunities in India and the Indian Subcontinent. This is a relatively small sector by FUM, but in February a record inflow suggests that India is emerging as an attractive alternative to China. China’s economic growth has struggled after a tough pandemic and investors have pivoted.”  

"Outflows from money market funds are at levels last seen in June 2022. As investors see inflation stabilising, and with it the promise of interest rate cuts, they are starting to re-allocate away from cash-like funds. Some of that capital may flow back into equities as we are beginning to see in the North America and Indian sectors." 



Funds Under Management     

Net Retail Sales     

Net Institutional Sales     

February 2024 

£1.44 trillion    

-£2.69 billion  

-£2.12 billion    

February 2023   

£1.41 trillion    

-£923 million 

-£375 million   


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

  1. North America with net retail sales of £770 million.    

  1. Global with net retail sales of £475 million.    

  1. Volatility Managed followed with net retail sales of £317 million.    

  1. Corporate Bond with net retail sales of £279 million.    

  1. India/Indian Subcontinent was fifth with net retail sales of £228 million. 

The worst-selling Investment Association sector in February 2024 was Short Term Money Market, which experienced outflows of £705 million.   


Others saw inflows of £56 million. 

Property saw £41 million in outflows.  

Fixed Income saw £231 million in outflows.   

Equity funds saw £259 million in outflows.  

Mixed Asset saw £975 million in outflows.  

Money Market saw £1.2 billion in outflows. 


North America experienced inflows of £821 million.  

Asia funds experienced inflows of £115 million. 

Europe funds experienced inflows of £56 million. 

Japan funds experienced inflows of £46 million. 

Global funds saw net retail outflows of £370 million.  

UK funds saw net retail outflows of £1 billion. 


Tracker funds saw net retail inflows of £2,1 billion in February 2024. Tracker funds under management stood at £334 billion at the end of February. Their overall share of industry funds under management was 23.3%.  


Responsible investment funds saw a net retail outflow of £7 million in February 2024. Responsible investment funds under management stood at £104 billion at the end of February. Their overall share of industry funds under management was 7.2%.  


Gross retail sales for UK fund platforms totalled £13.8 billion, representing a market share of 50.3%.  

Gross retail sales through other UK Intermediaries, including IFAs, totalled £6.6 billion, representing a market share of 24.2%.  

Gross retail sales for Discretionary Manager totalled £2.1 billion, representing a market share of 7.6%.  

Direct gross retail sales totalled £1.2 billion, representing a market share of 4.3%.  

In February, Execution only intermediaries totalled £269 million in gross retail sales and accounted for 1% of the market.  


For further information, please contact: 

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

Ismail Abdi, Communications Trainee, [email protected]  

+44 7596 872575 

IA press office: [email protected] 

Notes to Editors    

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.