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Press Release

Embargoed: 12.00pm:  Monday 21 August 2000

SUMMER SALES SHOW US TO BE SAVERS NOT SPENDERS
Unit Trust and OEIC Sales Figures for July

  • Investment funds under management steady at £265bn

  • Gross sales rose to £4.5bn - up 21% on July 1999

  • £703m of ISA sales - £15.6bn funds under management

This July, unit trust and OEIC managers have been rewarded with sales ahead of those for 1999. Gross sales of £4.5bn and net sales of £1.9bn were greater than the previous July by 21% and 23% respectively. However, the increase was not enough to lift industry funds under management, which remained at £265bn following falls in many of the world stockmarkets.

July sales of investment fund ISAs slipped to £703m, from £795m last month, whilst funds under management reached £15.6bn. Sales forces and tied agents recaptured the greater share of the ISA market, taking 42% of ISA sales. However, IFAs were close behind with 39% of the business, leaving 19% of investment fund ISAs to be bought "direct". The low profile of CAT standard ISAs has received much comment. Although only a modest number (4%) of investment fund ISAs qualify for the CAT standard, they actually account for some 12% of sales.

Now that proposals have been issued to extend OEICs to include cash, fund of funds, property and futures and options funds, it's likely that the present number of 418 OEIC sub funds will escalate. Currently, 46 management companies offer OEICs, with sales of £1.5bn amounting to 33% of total investment fund sales and OEIC funds under management accounting for 22% of the industry total.

Clare Arber, PR Manager at AUTIF, commented:

"Rather than go on a spending spree at the High Street Sales this summer, it looks as though people have preferred to tuck their money away. More money than usual was invested in unit trusts and OEICs outside tax-wrapped products (ISAs). Although there was a slight fall off in ISA sales, it's nothing more than one would expect at this traditionally quieter time of year."

Summary table: July - Unit Trust, ISA and PEP data

  

July 00

June 00

July 99

Total funds

£265.3 bn

£265.2 bn

£214.0 bn

PEP funds

£58.4 bn

£58.7 bn

£56.9 bn

ISA funds

£15.5 bn

£15.2 bn

£2.4 bn

Total gross sales

£4,478.2 m

£4,269.5 m

£3,707.6 m

Total repurchases

£2,589.7 m

£3,221.4 m

£2,170.7 m

Total net sales

£1,888.5 m

£1,048.1 m

£1,535.9 m

Net retail sales

£1,227.0 m

£1,128.0 m

£1,258.0 m

Net institutional sales

£661.5 m

£-79.9 m

£277.9 m

Gross PEP sales

£162.0 m

£201.7 m

£181.0 m

Gross ISA sales

£703.2 m

£795.5 m

£644.7 m

Net PEP sales

£-288.3 m

£-287.2 m

£-124.3 m

Net ISA sales

£643.2 m

£737.0 m

£639.2 m

Total accounts

15.7 m

15.6 m

13.3 m

ISA accounts

4.660 m

4.536 m

1.493 m

PEP accounts

9.16

9.19 m

9.87 m

Number of funds

1,874

1,841

1,768

Number of companies

157

157

152


For further information please contact:
Philip Warland, Director General, AUTIF, +44 (0)20 7831 0898
Clare Arber, PR Manager, AUTIF, +44 (0)20 7831 0898
Dorian Carrell, Head of Statistics, AUTIF, +44 (0)20 7831 0898

Notes to Editors:

Best selling funds in July 2000

Net Retail Sales
UK All Companies
Europe Excluding UK

Net Institutional Sales
North America
UK All Companies

Worst selling funds in July 2000

Net Retail Sales
UK Equity & Bond Income 
UK Equity Income

Net Institutional Sales
Japan
Japanese Smaller Companies

Summary Sheet
Sector Summary
Retail Gross Sales
Retail Repurchases
Retail Net Sales
Institutional Sales
PEP Summary

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