Mixed investment 20-60 per cent shares remained the most favoured sector in May, accounting for 231 per cent of the proportion of net sales. Four of the top 20 selling funds on the platform included, Invesco Perpetual Distribution, Henderson Cautious Managed, Jupiter Merlin Income Portfolio and HSBC Open Global Distribution.

“The Standard Life Investments Global Absolute Return Strategy Fund took the top spot in May as absolute return remained a key theme as advisors continue to seek outperformance in all market conditions. In addition, despite another volatile month for UK equities, with good gains followed by a correction towards the end of the month, UK sectors proved popular with advisors and their clients, with four funds listed in the top 20,” said Michelle Woodburn, head of fund group relations at Cofunds.

Cofunds has more than £50 billion (around $77 billion) in assets under administration, as at 14 March 2013.