Unit trusts hit new high on rising shares

Funds under management in UK unit trusts hit an all-time high in October as market growth lured investors into equities.

Investors piled more than 8.6 billion into unit trusts during the month, the highest input since April, according to new figures from the Investment Management Association. Funds under management totalled 547bn, boosted by a modest rise in equities in October.

Sales after redemptions and withdrawals reached 2bn, marginally down on the previous month but the ninth time in a year that the 2bn mark was hit. Global emerging markets funds were the most popular, with a record 336 million in net sales.

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Sales of Isas fell to 44.6m, less than half the September level, although Isa sales for the first ten months of the year were the highest since 2001.