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For immediate release: Wednesday 28 January 2009
Investment fund statistics December 2008 & 2008 Summary
|Funds under management||£360.7 billion
(December 2007 £467.9 billion)
(December 2007 £18.0 billion)
|Net retail sales||£1.5 billion
(December 2007 -£380.1 million)
(December 2007 £11.6 million)
|Net ISA sales||£52.3 million
(December 2007 -£180.3 million)
(December 2007 £0.8 million)
UK Domiciled funds - December 2008
Funds under management
Investment funds under management of £360.7 billion in December saw a 7% increase from November and a 23% decrease from December 2007. ISA funds under management of £73.6 billion were up 6% on the previous month and 19% down on the previous year.
As of April 2008 PEPs were merged into stocks and shares ISAs. For comparison purposes, IMA ISA data for periods prior to April 2008 combine PEPs and ISAs. This will apply to both UK and Overseas domiciled fund statistics.
Net ISA sales were £52.3 million in December 2008 whereas December 2007 ISA sales saw a net outflow of £180.3 million. The most popular ISA sector in December was UK All Companies, accounting for 26% of gross ISA sales.
Net sales by asset class
Of the £1.5 billion net retail sales, bond funds saw an inflow of £1.1 billion, followed by equity funds with a net inflow of £262 million. Institutional holdings of unit trusts and OEICs saw a net inflow of £412 million.
Best selling sector for UK domiciled funds
£ Corporate Bond sector was the most popular net retail sector in December, accounting for an inflow of £760.4 million. The sector with the biggest outflow in December was the Specialist sector with net outflows of £54 million.
OVERSEAS FUNDS - December 2008
Summary of overseas domiciled funds - FUM and sales
Overseas domiciled funds under management of £16.1 billion in December saw a 7% increase on the previous month and 11% down on the same month the previous year. Overseas domiciled ISA assets were £247 million, a 15% increase from November and 38% down on the same month the previous year.
Net retail sales of overseas domiciled funds in December were £92.5 million, compared to £11.6 million the same month the previous year.Net retail sales of overseas domiciled investment fund ISAs were £1.4 million, compared to £0.8 million the same month the previous year.
2008 END OF YEAR SUMMARY
|Funds under management||£360.7 billion
(2007 £467.9 billion)
(2007 £18.0 billion)
|Net retail sales||£3.9 billion
(2007 £9.5 billion)
(2007 £399.4 million)
|Net ISA sales||-£1.6 billion
(2007 -£1.3 billion)
(2007 £26.7 million)
Retail funds under management 1998 - 2008
Funds under management by asset type 2008
Overall funds and ISA funds under management fluctuated during the year, but decreased overall. However, December's figures picked up on the previous two months with £360.7 million funds under management of which £73.6 million were ISA funds under management.
Net retail sales of £3.9 billion in 2008, compared with £9.5 billion in 2007, were the lowest since 1995.
Net retail sales by asset type
The most popular asset class in 2008 was bonds, accounting for a net retail inflow of £3.0 billion. Equity funds saw a net retail outflow of £1.6 billion, the highest annual outflow for this asset type. This included a net retail outflow from property funds of £367.2 million over 2008.
The most popular sector in 2008 was £ Corporate Bond with net sales of £1.5 billion. The second best selling sector was UK Absolute Return which accounted for £1.4 billion in sales. The sector with the biggest outflow in 2008 was Europe Excluding UK with a retail outflow of £2.0 billion.
Net ISA sales of -£1.6 billion in 2008 were the lowest on record. In net terms, the most popular ISA sector was Cautious Managed with sales of £359.7 million. The second best selling ISA sector was the Guaranteed Protected Funds sector with an inflow of £201.4 million. The worst selling ISA sector in 2008 was UK All Companies with an outflow of £809.5 million.
Fund supermarket net ISA sales 2004 - 2008
Fund supermarkets continued to be the dominant distributor of ISAs, representing 38% of gross ISA business in 2008, followed by 35% through sales force/tied agents.
OVERSEAS FUNDS - 2008
Summary of overseas domiciled funds - FUM and sales.
Overseas domiciled funds under management of £16.1 billion in 2008 saw a11% decrease from 2007. Overseas domiciled funds under management within ISAs of £247 million saw a 38% decline from 2007.
Net retail sales of overseas domiciled funds in 2008 saw an outflow of -£679.1 million, compared to an inflow of £399.4 million in 2007. Net retail sales of overseas domiciled investment funds within ISAs were £7.4 million in 2008, compared to £26.7 million in 2007.
Richard Saunders, Chief Executive of the IMA commented:
"2008 was a torrid year for investors, and this is reflected in the wide swings in net sales experienced during the year. At different points, investors were putting money into different asset classes, seeking the best investment opportunities. But the year ended on a positive note with healthy inflows in both November and December as investors started to put money into both equities and bonds."
1. Summary table
2. UK domiciled funds under management by asset class
3. UK domiciled unit trust/OEIC sales
4. UK domiciled net sales by asset class
5. UK domiciled gross retail sales - 10 year summary
6. Overseas domiciled FUM and sales
7. Sector summary - current month
8. Retail business by sector and channel - current month
9. UK domiciled summary of best and worst selling sectors
10. UK domiciled funds under management - 13 month chart
11. UK domiciled net retail sales - 13 month chart
12. Performance of average UK domiciled 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