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)
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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 | m | 4048.9 | m | 3491.4 | m |
| Gross retail sales | 2264.1 | m | 2411.8 | m | 2056.7 | m |
| Gross ISA sales | 389.3 | m | 410.3 | m | 367.9 | m |
| Gross PEP sales | 103.1 | m | 68.3 | m | 92.4 | m |
| Gross institutional sales | 1367.4 | m | 1637.1 | m | 1434.8 | m |
| Total repurchases | 3783.6 | m | 3430.9 | m | 4421.1 | m |
| Retail repurchases | 1740.7 | m | 1852.5 | m | 1548.5 | m |
| ISA repurchases | 189.2 | m | 188.7 | m | 143.9 | m |
| PEP repurchases | 252.7 | m | 250.2 | m | 269.6 | m |
| Institutional repurchases | 2042.8 | m | 1578.3 | m | 2872.6 | m |
| Total net sales | -152 | m | 618 | m | -929.6 | m |
| Net retail sales | 523.4 | m | 559.3 | m | 508.2 | m |
| Net ISA sales | 200.1 | m | 221.6 | m | 224 | m |
| Net PEP sales | -149.7 | m | -181.9 | m | -177.2 | m |
| Net Institutional sales | -675.4 | m | 58.7 | m | -1437.8 | m |
| Total accounts | 18.82 | m | 18.69 | m | 18.92 | m |
| ISA accounts | 8.18 | m | 8.17 | m | 7.79 | m |
| PEP accounts | 6.86 | m | 6.91 | m | 7.45 | m |
| 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 |
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