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Press Release

 

INVESTMENT FUND STATISTICS  November 2003

  • Investment funds under management £233 billion
  • Gross industry sales £3.6 billion (November 2002 £3.5 billion)
  • Gross retail sales £2.3 billion (November 2002 £2.1 billion)
  • Gross ISA sales £389 million (November 2002 £368 million)

November saw investment funds under management increase to £233 billion, a rise of 1% over October and 15% from £203 billion the previous year. ISA funds under management grew 2% over the previous month and by 28% over November 2002.

Net retail sales of £523 million were down from October but had increased by 3% over the same month last year. ISAs, however, saw a 10% decrease in sales since October to £200 million and were down 11% from the previous year.

For the first time since August/September 2002, UK All Companies was the most popular sector for two consecutive months, accounting for 22% of gross retail sales.  UK Corporate Bonds followed with 15% of gross retail sales; this was the most popular sector in net retail terms, representing over a quarter of sales.

The most popular distribution channel in November was intermediaries who were responsible for 68% of gross retail investment, while sales force/tied agents were the dominant sales channel for gross ISA sales, accounting for 49%.

Richard Saunders, Chief Executive of the IMA commented:

"The encouraging recent trend has continued, with, for the sixth successive month, net retail sales at higher levels than 2002. There also continues to be signs of investors slowly returning to UK equities after the dominance of corporate bonds in the sales figures for most of the year. While net sales are still well down on previous years and 2003 had a very weak first half, this year is ending on a stronger note".

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

   Nov-03    Oct-03    Nov-02   
Total funds under management  233.4 bn  230.6 bn  203.3 bn 
ISA funds  29.9 bn  29.5 bn  23.3 bn 
PEP funds  37 bn  36.9 bn  36.7 bn 
OEIC funds  145.4 bn  143.4 bn  108.2 bn 
             
Total gross sales  3631.5 4048.9 3491.4
Gross retail sales  2264.1 2411.8 2056.7
Gross ISA sales  389.3 410.3 367.9
Gross PEP sales  103.1 68.3 92.4
Gross institutional sales  1367.4 1637.1 1434.8
             
Total repurchases  3783.6 3430.9 4421.1
Retail repurchases  1740.7 1852.5 1548.5
ISA repurchases  189.2 188.7 143.9
PEP repurchases  252.7 250.2 269.6
Institutional repurchases  2042.8 1578.3 2872.6
             
Total net sales  -152 618 -929.6
Net retail sales  523.4 559.3 508.2
Net ISA sales  200.1 221.6 224
Net PEP sales  -149.7 -181.9 -177.2
Net Institutional sales  -675.4 58.7 -1437.8
             
Total accounts  18.82 18.69 18.92
ISA accounts  8.18 8.17 7.79
PEP accounts  6.86 6.91 7.45
             
Number of funds  1930    1923    1945   
Number of companies  128    129    130   
Number of OEIC providers  72    76    70   

For further information please contact:
Helen Stephenson, Communications Officer, IMA, +44 (0)20 7831 0898
Richard Saunders, Chief Executive, IMA, +44 (0)20 7831 0898
Georgina Bound, Research Assistant, IMA, +44 (0)20 7831 0898

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

Net Retail Sales
UK Corporate Bond
UK All Companies
Net Institutional Sales
UK Equity Income
Japan

Worst selling funds in November 2003

Net Retail Sales
GLobal Growth
UK Money Market
Net Institutional Sales
UK All Companies
Europe excluding UK

- Ends -

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