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For immediate release: Tuesday 27 March 2007
Investment fund statistics February 2007
- Investment funds under management £448 billion (February 2006 £370 billion)
- Total net industry sales £973 million (February 2006 £2.3 billion)
- Net retail sales £973 million (February 2006 £1.4 billion)
- Net ISA sales £88 million (February 2006 £147 million)
Investment funds under management of £448 billion in February saw a rise of less than one percent from January but were 21% higher than February 2006. ISA funds under management of £52 billion also rose less than one percent, but were 10% higher than the previous year.
Net ISA sales of £88 million in February were almost three times higher than those seen in January but were down 40% from February 2006. The most popular ISA sector in February was UK All Companies, accounting for 25% of gross ISA sales.
Total net sales were £973 million with equities accounting for inflows of £806 million. Of the £973 million net retail sales, £761 million was invested in equities, followed by £168 million in balanced funds.
The most popular sector in February was UK All Companies, representing 18% of gross retail sales. The sector was favoured by intermediaries and accounted for 17% of gross retail business through this channel.
The most popular distribution channel in February was intermediaries representing 81% of gross retail business. Gross ISA sales of £279 million from fund supermarkets made them the dominant distributor of ISAs, followed by £200 million of sales through sales force/tied agents.
The Specialist sector remained the most popular net retail sector in February with inflows of £384 million, of which £408 million was in property funds. The sector with the biggest outflows in February was the UK Corporate Bond sector with net outflows of £203 million.
Richard Saunders, Chief Executive of the IMA commented:
"Despite market volatility, retail sales continued to be strong with net inflows almost reaching £1 billion. ISA sales, however, continued to be lower than 2006 with February signalling a modest start to the ISA season last month. It is to be hoped that the welcome announcement in the Budget that contribution limits are to increase, together with the overhaul of the system, will go some way to restoring confidence in the ISA, which remains an excellent product."
1. Summary table
2. Funds under management by asset class
3. Unit trust/OEIC sales
4. Net sales by asset class
5. Gross retail sales - 10 year summary
6. Sector summary - current month
7. Retail business by sector and channel - current month
8. Summary of best and worst selling sectors
9. Funds under management - 13 month chart
10. Net retail sales - 13 month chart
11. Performance of average fund by IMA sector
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For further information, please contact:
Noreen Shah, Press Officer, IMA, 020 7831 0898
Mona Patel, Head of Communications, IMA, 020 7831 0898/ 07834 089332