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Press Release

For Immediate Release:  Monday 27 September 2004 

INVESTMENT FUND STATISTICS August 2004

  • Investment funds under management £248 billion
  • Gross industry sales £3.6 billion (August 2003 £3.3 billion)
  • Gross retail sales £2 billion (August 2003 £2.2 billion)
  • Gross ISA sales £347 million (August 2003 £387 million)

Investment funds under management increased by 2% from July to £248 billion, and by 9% from August 2003. ISA funds under management also rose from the previous month to £34 billion and by 17% from the same month last year.

Total net sales in August saw an increase of 177% to £402 million from July, but fell well behind the £718 million seen in August 2003. Net retail sales of £69 million were down 18% from the previous month and were again much lower than the £766 million taken in August 2003.

While gross ISA sales were down marginally from the previous month by just 2%, net ISA sales continued the downward trend of the past four months, falling to £25 million from £77 million. Net sales are lower across the board due to an increase in redemptions but it is ISAs which are particularly affected with redemptions more than doubling since August last year.

The most popular sectors in August were UK All Companies accounting for 23% of gross retail sales, followed by UK Equity Income (16%) and UK Corporate Bond (12%).

Intermediaries continue to be the largest distributors of unit trust and OEIC funds, representing 74% of gross retail sales, whilst sales force/tied agents remain the top sales channel of investment fund ISAs accounting for 44% of gross ISA sales.

Richard Saunders, Chief Executive of the IMA commented:

"Although August is traditionally the quietest month of the year for sales, this summer's figures have undoubtedly been poor. It would seem that investor confidence remains low, as high levels of redemptions continue to have a large impact on the ISA market in particular."


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

 

Aug-04

 

Jul-04

 

Aug-03

 

Total funds under management

£248.3

bn

£243.6

bn

£227.1

bn

ISA funds

£33.5

bn

£33.0

bn

£28.7

bn

PEP funds

£36.1

bn

£35.9

bn

£37.2

bn

OEIC funds

£157.9

bn

£154.5

bn

£127.6

bn

Total gross sales

£3,606.2

M

£4,055.0

m

£3,347.3

m

Gross retail sales

£2,088.2

M

£2,188.3

m

£2,175.2

m

Gross ISA sales

£346.8

M

£353.0

m

£386.5

m

Gross PEP sales

£80.4

M

£63.3

m

£70.1

m

Gross institutional sales

£1,518.0

M

£1,866.7

m

£1,172.1

m

Total repurchases

£3,204.8

M

£3,910.1

m

£2,629.4

m

Retail repurchases

£2,019.2

M

£2,103.7

m

£1,409.3

m

ISA repurchases

£322.0

M

£276.5

m

£151.5

m

PEP repurchases

£361.1

m

£305.4

m

£202.9

m

Institutional repurchases

£1,185.6

m

£1,806.4

m

£1,220.1

m

Total net sales

£401.5

m

£144.9

m

£717.9

m

Net retail sales

£69.1

m

£84.7

m

£765.9

m

Net ISA sales

£24.8

m

£76.5

m

£235.0

m

Net PEP sales

-£280.7

m

-£242.1

m

-£132.8

m

Net Institutional sales

£332.4

m

£60.3

m

-£48.0

m

Total accounts

18.62

m

18.78

m

18.86

m

ISA accounts

8.27

m

8.33

m

8.14

m

PEP accounts

6.17

m

6.31

m

7.02

m

Number of funds

1,942

 

1,921

 

1,907

 

Number of companies

124

 

124

 

130

 

Number of OEIC providers

75

 

75

 

73

 

 

 

 

 

 

 

 

 

Best and worst selling sectors - net retail sales

Year

Month

Best

Worst

2004

August

UK Equity Income

UK All Companies

 

July

UK Equity Income

Europe Excluding UK

 

June

UK Equity Income

UK All Companies

 

May

UK Equity Income

Far East Excluding Japan

 

April

UK All Companies

Europe Excluding UK

 

March

UK Equity Income

North America

 

February

UK All Companies

UK Equity & Bond Income

 

January

UK All Companies

UK Smaller Companies

2003

December

UK All Companies

UK Smaller Companies

 

November

UK Corporate Bond

Global Growth

 

October

UK Corporate Bond

Europe Excluding UK

 

September

UK Corporate Bond

UK Smaller Companies

 

August

UK All Companies

Europe Excluding UK


For further information please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898
Richard Saunders, Chief Executive, IMA, 020 7831 0898

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

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