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Press Release

For Immediate Release:  Tuesday 30 September 2003

Investment fund statistics August 2003

  • Investment funds under management £ 227 billion
  • Gross industry sales £3.3 billion (August 2002 £3.4 billion)
  • Gross retail sales £2.2 billion (August 2002 £2.1 billion)
  • Gross ISA sales £386 million (August 2002 £399 million)

Investment funds under management grew for the seventh consecutive month in August to £227 billion from £222 billion in July, and were up 10% from the same month the previous year.

Net retail sales in August were up on the previous year for the third month running, to £766 million, an increase of 39% over August 2002.  Including institutional sales, total net sales of £677 million were 8% up on a year ago.

Gross ISA sales of £386.5 million, although down on the previous month, were at a similar level to August 2002 (£398.7 million). Net ISA sales however, were 12% lower than the previous year at £235 million.

The most popular sectors for August continued to be UK All Companies and UK Corporate Bonds, which accounted for 23% and 20% respectively of gross retail sales. Net retail inflows to UK Corporate Bond funds were £253 million, around a third of total net retail sales.

Intermediaries continued to be the predominant distributors of unit trusts and OEICs accounting for 66% of gross retail sales, whilst the largest proportion of ISA sales (53%) were through sales forces and tied agents.

Richard Saunders, Chief Executive of the IMA commented:

“For the third successive month net sales of unit trusts and OEICs are at higher levels than 2002 and for the first time this year, gross retail sales of UK All Companies surpassed UK Corporate Bonds as the top selling sector. Taken together, these encouraging signs suggest that investor confidence in the equity market may be slowly returning.”

Summary table: August – Unit Trust, ISA and PEP data

  Aug-03 Jul-03 Aug-02
Total funds under management £227.3 bn £221.9 bn £207.4 bn
ISA funds £28.7 bn £27.9 bn £23.1 bn
PEP funds £37.2 bn £36.6 bn £38.4 bn
OEIC funds £127.7 bn £125.7 bn £97.5 bn
Total gross sales £3,306.6 m £4,378.2 m £3,445.2 m
Gross retail sales £2,175.2 m £2,537.0 m £2,050.6 m
Gross ISA sales £386.5 m £444.4 m £398.7 m
Gross PEP sales £70.1 m £75.5 m  £82.3 m
Gross institutional sales £1,131.3 m £1,841.2 m £1,394.5 m
Total repurchases £2,629.5 m £2,950.2 m £2,818.9 m
Retail repurchases £1,409.5 m £1,669.9 m £1,501.8 m
ISA repurchases £151.4 m £165.4 m £130.3 m
PEP repurchases £203.2 m £229.1 m £220.0 m
Institutional repurchases £1,220.0 m £1,280.3 m £1,317.1 m
Total net sales  £677.0 m £1,428.2 m £626.3 m
Net retail sales £765.7 m £867.4 m £548.9 m
Net ISA sales £235.1 m £279.1 m £268.4 m
Net PEP sales -£133.0 m -£153.5 m -£137.8 m
Net Institutional sales   £-88.7 m £560.9 m  £77.4 m
Total accounts 18.86 m 18.68 m 18.57 m
ISA accounts 8.10 m 8.10 m 7.84 m
PEP accounts 7.02 m 7.06 m 7.73 m
Number of funds 1,911 1,929 1,977
Number of companies 129 130 131
Number of OEIC providers 73 73 69

For further information please contact:

Helen Stephenson, Communications Officer, IMA, +44 (0)20 7831 0898
Dorian Carrell, Head of Statistics, IMA, +44 (0)20 7831 0898
Richard Saunders, Chief Executive, IMA, +44 (0)20 7831 0898

Notes to Editors:

Copies of all monthly sales statistics from December 1997 are available on the IMA website.

Best selling funds in August 2003

Net Retail Sales                      Net Institutional Sales
UK Corporate Bond            UK All Companies
UK All Companies              UK Gilt                

Worst selling funds in August 2003

Net Retail Sales                        Net Institutional Sales
UK Smaller Companies        UK Corporate Bond
Europe Excluding UK            Japanese Smaller Companies

- Ends -  

Investment management association