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For immediate release: Monday 30 April 2007
INVESTMENT MANAGEMENT ASSOCIATION LAUNCHES OVERSEAS INVESTMENT FUND STATISTICS
- Overseas investment funds under management £12.8 billion
- Overseas investment fund ISAs under management £231 million
- Overseas total net sales £16.7 million
- Overseas net retail sales -£31.5 million
- Overseas net ISA sales £3.7 million
The Investment Management Association (IMA) has today launched sales and funds under management data for investment funds sold into the UK from overseas domiciles.
Recent years have seen overseas business grow, with more IMA members passporting funds into the UK from other European jurisdictions than previously. The data, going back to July 2006, will be displayed within the current IMA monthly sales statistics and, in the short term, all overseas funds will be placed into an "overseas" category for the purposes of IMA's sector classification system.
Today's publication marks the end of the first phase of IMA's overseas funds project. The collection of sales and funds under management figures of 497 funds from 22 fund management companies, provides important headline information about the overseas market.
Going forward, the Association intends to undertake further portfolio analysis of these funds in order to move to phase two of the project, allocating overseas funds into IMA's existing sectors.
Richard Saunders, Chief Executive of the IMA, commented:
"With phase one of the overseas funds project complete, the growing importance of this part of the investment funds business becomes visible. Our next task is to take on the huge job of classifying overseas funds into the IMA sectors where possible, and to review the current classification system where appropriate."
If you have any comments on presentation of the monthly statistics please e-mail email@example.com
Notes to editors:
1. IMA's overseas funds data comprises sales and funds under management of open-ended investment funds which are domiciled outside of the UK, FSA recognised and sold into the UK with distributor status.
2. Overseas funds data going forward will be published on a monthly basis within the existing IMA monthly statistics press release.
For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898
Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332