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Press Release

For Immediate Release:  Monday 29 March 2004

INVESTMENT FUND STATISTICS  February 2004 

 

  • Investment funds under management £246 billion

  • Gross industry sales £3.8 billion (February 2003 £3.2 billion)

  • Gross retail sales £2.5 billion (February 2003 £1.7 billion)

  • Gross ISA sales £432 million (February 2003 £378 million)

Investment funds under management in February continued to grow for the fifth consecutive month to £246 billion, up 1% on the previous month and 32% on the year. ISA funds under management also continued to grow and saw a 3% increase from January and a 44% growth from February 2003.

A net institutional outflow of £1.9 billion in February mainly reflected one large institutional transaction. Net retail sales grew 42% from January and were more than three times the sales of February 2003. Net ISA sales also rose 14% from January to £210 million, a 9% increase on last year.

Sales of UK equities continued to thrive in February with the most popular sector, UK All Companies accounting for 25% of total gross retail sales, the highest level since April 2002. This was followed by UK Corporate Bonds with 12% and UK Equity Income accounting for 11% of sales.

The most popular distribution channel in February continued to be intermediaries for 69% of investment fund sales, whilst ISA sales continued to be dominated by the sales force/tied agent channel, with 40% of retail gross ISA sales.

Richard Saunders, Chief Executive of the IMA commented:

"Investment fund sales continue to show encouraging progress since last year's low point.  With net inflows across all asset classes, investors' confidence appears to be slowly returning. "

 

Summary table: February 2004 - Unit trust/OEIC, ISA and PEP data

 

Feb-04

 

Jan-04

 

Feb-03

 

Total funds under management

£246.1

bn

£243.5

bn

£186.2

bn

ISA funds

£32.1

bn

£31.3

bn

£22.4

bn

PEP funds

£38.2

bn

£37.6

bn

£32.6

bn

OEIC funds

£154.3

bn

£151.5

bn

£103.6

bn

Total gross sales

£3,789.1

m

£4,397.7

m

£3,244.2

m

Gross retail sales

£2,502.3

m

£2,262.0

m

£1,732.6

m

Gross ISA sales

£431.8

m

£386.2

m

£378.0

m

Gross PEP sales

£79.8

m

£68.2

m

£91.9

m

Gross institutional sales

£1,286.8

m

£2,135.7

m

£1,511.6

m

Total repurchases

£4,950.9

m

£3,902.5

m

£2,694.5

m

Retail repurchases

£1,785.5

m

£1,756.9

m

£1,504.6

m

ISA repurchases

£222.3

m

£202.7

m

£185.4

m

PEP repurchases

£279.2

m

£236.3

m

£326.8

m

Institutional repurchases

£3,165.4

m

£2,145.7

m

£1,189.9

m

Total net sales

-£1,161.8

m

£495.1

m

£549.7

m

Net retail sales

£716.7

m

£505.1

m

£228.0

m

Net ISA sales

£209.5

m

£183.5

m

£192.6

m

Net PEP sales

-£199.4

m

-£168.1

m

-£234.9

m

Net Institutional sales

-£1,878.5

m

-£10.0

m

£321.7

m

Total accounts

19.28

m

19.30

m

18.63

m

ISA accounts

8.23

m

8.17

m

7.90

m

PEP accounts

6.65

m

6.65

m

7.27

m

Number of funds

1,920

 

1,927

 

1,971

 

Number of companies

127

 

129

 

129

 

Number of OEIC providers

73

 

73

 

71

 

 

 

 

 

 

 

 

 

Best selling funds in February 2004

Net Retail Sales
UK All Companies
UK Corporate Bond                      

Net Institutional Sales
UK Gilt
UK Equity Income

 

Worst selling funds in February 2004

Net Retail Sales
UK Smaller Companies
UK Equity and Bond Income           

Net Institutional Sales
Global Growth
Global Bonds

 


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

Out Of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332

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

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