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Press Release

Embargoed: 12.00pm:   Monday 27 September 1999

HOME AND AWAY WINS FOR INVESTMENT FUNDS IN AUGUST

  • Total investment funds under management rise to £217.6bn
  • Gross investment fund sales of £2.9bn
  • Net retail unit trust and OEIC sales of £990mn
  • ISA funds under management reach £3.2bn
  • Gross ISA sales for August - £562mn (£645mn in July)

Sales of investment funds in August are significantly higher than for this time last year, with gross sales of £2.9bn, up 25% on August 1998, although down 20% on July 1999. Corresponding figures for net retail sales show an increase of 130% on last year but a 21% drop on last month. ISA sales have followed a similar trend. Although down 13% on July, they were 40% higher than equivalent PEP sales in August 1998.Anne McMeehan, Director of Communications at AUTIF, commented:

"The fact that ISA sales this month were higher than the equivalent PEP sales last year needs to be kept in context. Markets were relatively quiet in August this year compared to the turbulent Augusts of 1997 and 1998, when stock market uncertainty resulted in depressed sales volumes. Nonetheless, after a slow start, there is some evidence that investors are growing more comfortable with equity ISAs."

Unlike PEP investors, ISA buyers have had no geographical restrictions when diversifying their portfolios into overseas markets. By taking advantage of the increased range of investments that ISAs offer, investors appear to be saving almost four times as much internationally as they were in PEPs. Nearly 300,000 ISA accounts are invested "outside" the European Union so far.She continued,

"Shrewd investors know that it's wise to spread their investments. ISAs give the extra scope to invest outside the European Union in a way that was always restricted within PEPs.."

Summary table: August Unit Trust, ISA and PEP sales

   

Aug 99

July 99

Aug 98

Total fund value

£217.6 bn

£213.8 bn

£165.3 bn

PEP fund value

£57.6 bn

£57.0 bn

£43.1 bn

ISA fund value

£3.162 bn

£2.419 bn

   

Accounts

13.5 mn

13.3 mn

10.7 mn

Gross sales

£2,971.9 mn

£3,692.8 mn

£2,377.9 mn

Repurchases

£1,659.0 mn

£2,170.5 mn

£1,951.5 mn

Total net sales

£1,312.9 mn

£1,522.2 mn

£426.3 mn

Net retail sales

£990.2 mn

£1,247.1 mn

£431.0 mn

Net institutional sales

£322.7 mn

£275.1 mn

£-4.7 mn

Net PEP sales

£-139.8 mn

£-124.2 mn

£401.4 mn

Net ISA sales

£555 mn

£639 mn

  


For further information please contact:
Anne McMeehan, Director of Communications, AUTIF, 0171 831 0898
Michael Quach, Head of Statistics, AUTIF, 0171 831 0898
Clare Arber, PR Manager, AUTIF, 0171 831 0898

Notes to Editors:

Best selling funds in August

Net Retail Sales
UK All Companies, UK General Bonds

Net Institutional Sales
Japan, UK Smaller Companies

Worst selling funds in August

Net Retail Sales
Global Equity Income, European Specialist

Net Institutional Sales
N. American Specialist, European Specialist

PEPs:
The tables detailing stocks and flows via PEPs relate to plans operated by unit trust managers only and not to plans operated by all PEP Plan Managers.

  1. Summary of total Unit Trust/Oeic and PEP sales - 1992 to 1999
  2. Sector summary - August 1999
  3. Retail gross - August 1999
  4. Retail repurchases - August 1999
  5. Retail net sales - August 1999
  6. Institutional business - gross, repurchases and net sales - August 1999

ISAs:
The ISA tables relate to accounts operated by unit trust managers only and not to accounts operated by all ISA managers.

  1. ISA sales and repurchases - August 1999
  2. ISA gross sales - August 1999
  3. ISA repurchases - August 1999
  4. ISA net sales - August 1999

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