Third quarter of 2023 closes with £1.2 billion in net inflows despite a challenging September

UK savers took £1.4 billion out of funds in September 2023, according to data published today by the Investment Association (IA) – the biggest outflow so far this year.  

Key findings for September 2023:   

  • Despite outflows in September, overall, the third quarter of the year saw £1.2 billion in net inflows. The first quarter saw £3.9 billion in net inflows, with quarter two dropping to £2.2 billion.   

  • Inflows into Mixed asset funds were modest, increasing to £781 million from August’s inflow of £478 million. Meanwhile Equity funds turned to outflows of £1.6 billion, following last month’s moderate inflow.  

  • Outflows from Fixed Income slowed to £79 million, from £298 million in August.  

  • Responsible investments saw outflows of £544 million, the highest outflow on record.  

  • UK All Companies was the worst-selling sector, with £884 million in outflow, while UK Gilts took the top spot with inflows of £237 million.  

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

“Investors continue to be squeezed by inflationary pressures and the cost of living, as net inflows into funds experience their second quarter of decline. Despite £1.2 billion invested in funds between July 1 and September 30, this is down on the first quarter of the year, which saw almost £4 billion invested. UK Gilts continues to be a favourite throughout the uncertainty and was the best-selling sector in September, and an increased inflow into Mixed Asset funds was a bright spot in a challenging month.”  



Funds Under Management     

Net Retail Sales     

Net Institutional Sales     

September 2023   

£1.38 trillion    

-£1.4 billion    

-£2.9 billion    

September 2022   

£1.33 trillion    

-£7.5 billion   

-£6.1 billion   


The five best-selling Investment Association sectors for September 2023 were:   

  1. UK Gilts with net retail sales of £237 million.    

  1. Corporate Bond with net retail sales of £209 million.    

  1. Government Bond followed with net retail sales of £194 million.    

  1. £ Corporate Bond with net retail sales of £192 million.    

  1. Volatility Managed was fifth with net retail sales of £183 million.     

The worst-selling Investment Association sector in September 2023 was UK All Companies, which experienced outflows of £884 million.   


Mixed Asset funds saw inflows of £781 million. 

Fixed Income funds saw outflows of £79 million.    

Property funds experienced £108 million in outflows.   

Other funds saw £200 million in outflows.   

Money Market saw outflows of £223 million.  

Equity funds saw outflows of £1.6 billion.   


Asia funds saw net retail inflows of £107 million. 

North America funds saw inflows of £28 million.   

Japan funds experienced outflows of £105 million.   

Europe funds saw outflows of £591 million.    

Global funds saw net retail outflows of £729 million.   

UK funds saw outflows of £1.3 billion. 


Tracker funds saw net retail inflows of £991 million in September 2023. Tracker funds under management stood at £301 billion at the end of September. Their overall share of industry funds under management was 21.8%.   


Responsible investment funds saw a net retail outflow of £544 million in September 2023. Responsible investment funds under management stood at £95 billion at the end of September. Their overall share of industry funds under management was 6.9%.    


Gross retail sales for UK fund platforms totalled £10.6 billion, representing a market share of 43.5%.   

Gross retail sales through other UK Intermediaries including IFAs totalled £8.8 billion, representing a market share of 36.2%.   

Gross retail sales for Discretionary Manager totalled £1.5 billion, representing a market share of 6.1%.   

Direct gross retail sales totalled £971 million, representing a market share of 4.0%.   

In September, Execution only intermediaries totalled £164 million in gross retail sales and accounted for 0.7% 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]  

T: +44 7596 872575 

IA press office: [email protected]    

Notes for Editors      

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 £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.