Net sales of tracker funds, which passively track an index at a low cost, fell 53 per cent compared to the first quarter of 2012, from £661 million to £312 million.
Net sales of fund of funds totalled £1.1 billion in the three months to 30 June 2012, a 45 per cent drop on the same period in 2011, when sales topped £2 billion.
However, the sales figures are an improvement on the first quarter of 2012, when only net sales of fund of funds only totaled £396 million.
Total IMA fund sales for the quarter stood at £4.2 billion, again a huge drop from the same period in 2011, but a 10 per cent rise from the first quarter in 2012.
Total funds under management fell 2.5 per cent (nearly £15 billion) compared to the first quarter of 2012.
Richard Saunders, IMA Chief Executive, commented, ‘Net retail sales of funds of funds went above £1 billion in this quarter for the first time in a year.
‘While the second quarter saw more subdued sales of tracker funds, their share of total funds under management has been rising for about four years and now stand at 7.5 per cent.’