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UK's Investment Association says total funds hit record US$1.24t in 2015

Britain's economy ended 2015 on a soft note after the annual pace of growth slowed to its weakest in nearly three years as the global economic slowdown weighed on its previously rapid expansion.

[LONDON] Britain's Investment Association said on Monday that total funds under management rose 4 per cent to a record 871 billion pounds (US$1.24 trillion) in 2015, driven by an increase in sales to retail investors.

The Investment Association is the trade body that represents UK investment managers.

Equity was the best-selling asset class for the second consecutive year with net retail sales of 8.4 billion pounds, while UK Equity Income was the best-selling of the IA's sector funds, with net retail sales of 4.3 billion pounds.

Sales of tracker funds, meanwhile, hit a record 5.4 billion pounds to take total funds under management to an all-time high of 108 billion pounds, it said.

"After a slow start, net retail sales bounced back in the final three quarters of the year with investors favouring equity products, particularly European funds and those with an income focus," said IA Interim Chief Executive Guy Sears.