The UK’s fund industry enjoyed record highs in November 2020 as savers invested £8.3 billion with active funds attracting a record £5.3 billion of inflows and tracker funds attracting a record £3 billion, according to the Investment Association.

This beats the previous record of £5.7 billion net retail sales in September 2017, said the Investment Association, which has about 250 member firms that oversee about £8.5 trillion of assets.

Equity funds were the best-selling asset class in November 2020 with £4.1 billion in net retail sales.

Mixed Asset was the second best-selling asset class, with £2.3 billion of inflows.

Fixed Income experienced £1.2 billion of inflows.

Money Market funds experienced £538 million in net retail inflows.

Investment Association CEO Chris Cummings said: “Savers’ confidence was boosted by news of the coronavirus vaccine breakthrough and a clear outcome in the US election with a record £8.3 billion placed into funds in November 2020.

“Equity funds benefited most with £4.1 billion invested, while strong inflows into global equity and responsible investment funds continued as both broke new record monthly highs.

“Given the rocky start to 2021 with surging coronavirus cases, it remains to be seen whether investor confidence will continue into the new year.”