The London-based Investment Management Association has released figures for the domestic fund management industry for 2012.

Although equity funds outsold fixed income in each of the last four months of 2012, fixed income was the best-selling asset class overall in 2012, with net retail sales of £5.6 billion (about $8.9 billion).

Funds under management reached a record £658 billion, up over £80 billion (14 per cent) since December 2011, with net retail sales at £13.7 billion comparing with £18.1 billion for 2011.

Global equity funds dominated UK and regional equity funds in 2012 with net retail sales of £4.1 billion, compared with £3.3 billion in 2011.

Gross retail sales through the Other Intermediaries category (which includes wealth managers, stockbrokers and IFAs) totalled £48.2 billion in 2012, a market share of 45 per cent - the same as 2011.

Gross retail sales through UK fund platforms totalled £47.7 billion in 2012, a market share of 45 per cent, up from 41 per cent in 2011. Direct channels’ gross retail sales totalled £10.6 billion in 2012 - a market share of 10 per cent, down from 14 per cent in 2011.

Funds under administration for the five fund platforms reporting directly to the IMA (Cofunds, Fidelity, Hargreaves Lansdown, Skandia and Transact) totalled £132 billion at the end of 2012, up from £109 billion in 2011. Total gross sales for the five totalled £35.3 billion in 2012.

Looking overseas, net retail sales of overseas domiciled funds sold to UK investors totalled £3.3 billion in 2012, the highest since records began in 2006. This compares with £3.1 billion in 2011. Funds under management for overseas funds totalled £50.5 billion at the end of 2012.