Discount broker Willis Owen has today responded to the latest fund management statistics from the Investment Association.
They show that net retail sales in 2014 were £20.8 billion, the highest since 2010.
The UK Equity Income sector was the top seller for the year, with net retail sales in 2014 reaching £6.1 billion.
This is almost double the sales of £2.9 billion in 2013. Net retail sales for ISAs also totalled £1.3 billion in 2014.
Commenting on the figures, Jason Chapman, Managing Director at Willis Owen, said:
"2014 was a record-breaking year for funds, no doubt driven by the increased tax-free ISA allowance of £15,000 encouraging investors to do more with their savings. With the allowance increasing again to £15,250 this Spring, and with the biggest changes to retirement income in a generation also coming into effect, it will be interesting to see whether this provides a further boost to the ISA market.
"It was a stellar year for superstar fund manager Neil Woodford, with his Equity Income C Fund the best-selling fund amongst our customers for the whole of 2014, despite only launching in June. UK Equity Income, UK All Companies and sterling strategic bond were the most popular sectors with our customers in 2014 as ongoing geopolitical tensions and market turbulence prompted investors to keep their cash in the more stable climes of the UK market."
Willis Owen's top selling funds in 2014:
1. CF Woodford Equity Income C Fund
2. Threadneedle UK Equity Income Z Fund
3. Cash Reserve
4. Jupiter Merlin Balance Portfolio I Fund
5. Artemis Income I Fund
Willis Owen's top selling sectors in 2014:
1. UK Equity Income
2. UK All Companies
3. £ Strategic Bond
5. £ Corporate Bond