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Press Release

Monday 6 September 2010


Investment fund statistics - July 2010

The Investment Management Association today publishes its monthly fund statistics for July 2010.

Key findings: 

  • Net retail sales for July of £2.2 billion - continuing the trend of high sales seen this year
  • ISA sales of £267 million - up £38 million on July last year
  • Funds under management at £509.2 billion - up 4% since June 2010

Jane Lowe, Director, Markets at the Investment Management Association, comments:

"Investor appetite for bonds was buoyant in July, with global bonds sales the highest on record.  Although the first wave of investment in 2009 was heavily concentrated in UK bonds, we are now seeing a second wave of investment that is well diversified across UK and global fixed income.

"In July, net retail sales increased to £2.2 billion, continuing the now established trend of high sales. Indeed, 13 out of the last 16 months recorded net retail sales above the £2 billion mark.

"Funds under management topped £500 billion, up 4% on last month." 


July 2010 £509.2 billion £2.2 billion  £267 million
July 2009  £412.1 billion £2.3 billion £230 million




July saw net retail sales of £2.2 billion, up £0.1 billion on June. Net retail sales have remained steady over the past 12 months, apart from May's dip to £962 million.

Net retail sales have now been above £2 billion for 13 out of the last 16 months.

ISA sales

Net ISA sales for July totalled £267 million, in line with average monthly sales of £288 million over the past year (excluding the ISA season of March and April).


Funds under management in July were at £509.2 billion, up 4% since June. Funds under management returned towards April's level, before market values fell back in May and June.

(The FTSE 100 closed at 5258 at the end of July 2010, 7% up on the end of June (4917).)

(See Table 2)


As in June, the leading asset class in July was Bonds with net retail sales of £928 million, up £349 million on the previous month.

Net retail sales of bond funds were just below the record highs seen from December 2008 to May 2009, when bond sales surpassed the £1 billion mark every month.

Equities was the second highest selling asset class at £857 million, with July's sales the highest since November 2009. 

Net retail sales for ‘Other' dropped from £365 million in June to £58 million in July, well below recent levels. This drop was mainly due to outflows from the Unclassified sector.

(See Table 4)


The Global Bonds sector was the best selling IMA Sector in July, with net retail sales of £361 million, the highest selling month on record. Three out of the Top Five sectors were Bond sectors: Global Bonds, £ Corporate Bond and £ Strategic Bond. 

£ Corporate Bond was the second most popular IMA Sector in July, up from eighth position in June.
Global Growth was the third most popular IMA Sector and the highest selling equity sector in July, with net retail sales at £205 million.

The lowest selling sector in July is the Unclassified Sector, which saw a net outflow of £152 million, the sector's largest recorded outflow since February 2008.


IMA Sector Asset Class Ranking - June 2010 Ranking - July 2010
Global Bonds Bonds 5th 1st
£ Corporate Bond Bonds 8th 2nd
Global Growth Equities 10th 3rd
£ Strategic Bond Bonds 2nd 4th
Absolute Return - UK  Other 9th 5th

 (See Table 8d)


Gross retail sales through Fund Platforms* totalled £2.9 billion, down £0.2 billion on the previous month, but maintaining Platforms' market share of 37% of total gross sales.

Gross retail sales for 'Other Intermediaries' - which includes Wealth Managers and Stockbrokers - totalled £4.0 billion for July. Other Intermediaries' market share remained the same as last month: 52% of total sales.
Direct channels' gross retail sales totalled £807 million in July, with only 10% of total sales, the channel's lowest market share since figures began in January 2010.

(See Table 5)


Fund Platforms** saw funds under management increase to £92.6 billion in July 2010, their highest funds under management since figures began in January 2008.

Personal pensions gross sales totalled £775 million in July, representing 30% of sales made through Platforms, down from 38% in June and compared with an average of 29% for the first half of the year.

Unwrapped products (funds sold without a wrapper) totalled £887 million in gross sales, representing 34% of sales made through Platforms, up from 31% in June and compared with an average of 34% for the first half of the year.

(See Table 6)


Institutional funds saw net sales of £2.8 billion in July 2010. This substantial increase from £0.5 billion in June was largely due to funds re-structuring into OEICs.

(See Table 4)


Overseas domiciled funds saw sales of £385 million in July 2010, the highest figure since figures were first recorded in July 2006.

July 2010  £23.4 billion £385.4 million £0.2 million
July 2009 £19.2 billion  £300.2 million  £0.8 million

(See Table 10)


For further information, please contact:
Ginny Broad, Head of Communications, IMA, 020 7831 0898 or 07834 089332
Clare Murphy-McGreevey, Press Officer, IMA, 020 7831 0898
Richard Winder, Lansons Communications, 020 566 9723

The IMA's press releases and statistical information can all be found at

Notes for Editors

For more details on the figures given in the press release, please see tables below.

All tables

1   Summary table
2   Funds under management - by asset class
3   Sales - gross, net and ISAs
4   Sales - net sales by asset class
5   Sales - by distribution channel
6   Sales - by Platforms
7   Sectors - funds under management and sales
8   Sectors - gross and net sales                                     
9   Sectors - best and worst selling
10 Offshore funds - funds under management and sales 
11 Sectors - investment performance


Funds under management - by month
Sales - net retail sales by year

The IMA's figures for fund sales cover UK authorised unit trusts and open ended investment companies (OEICs).  The IMA publishes these figures on a monthly basis.

Funds comprise a key element of the UK's £3 trillion asset management industry, which also covers pension and insurance company funds, including £1 trillion invested on behalf of overseas clients.  Each year the IMA publishes its annual Asset Management Survey, which looks at the industry in the round.

Net retail sales comprise total retail sales minus repurchases, thus the figures can result in a negative figure or outflow. 

Definition of IMA Global Bonds Sector

Funds which invest at least 80% of their assets in fixed interest securities. All funds which contain more than 80% fixed interest investments are to be classified under this heading regardless of the fact that they may have more than 80% in a particular  geographic sector, unless that geographic area is the UK, when the fund should be classified under the relevant UK (Sterling) heading.

Definitions for all IMA Sectors can be found on the website,

Fund Platforms

* The figure for Fund Platform sales covers 12 Platforms comprising Ascentric, Aviva Wrap, AXA Elevate, Cofunds, Fidelity; Hargreaves Lansdown, James Hay Wrap, Novia, Nucleus, Skandia (including Selestia, Skandia Multifunds and Skandia Life), Standard Life Savings, and Transact. Platform data includes sales made through IFAs as well as direct.

** Five leading Fund Platforms - Cofunds, Fidelity, Hargreaves Lansdown, Skandia and Transact - provide the IMA with figures of their sales, repurchases and funds under administration, with figures going back to January 2008.  The five platforms are providing sales data for ISAs, Personal Pensions, Insurance Bonds, and funds sold without a wrapper (unwrapped).  Between them, these five leading platforms account for around 85% of the gross sales of the full list of Platforms included in the section on retail distribution.

Direct channels

Direct includes sales forces and tied agents, private clients and other direct to investor sales without intermediation.

Variations in figures

Each month small revisions to the figures may have been made since previous press releases. This reflects additional information received by the IMA.

The very large institutional inflow in April, May and July results from insurance funds being transferred into unit trust/OEIC structures.

The Investment Management Association is the trade body for the UK's £3 trillion asset management industry. The money its members manage is in a wide variety of investment vehicles, including authorised investment funds, pension funds and stocks and shares ISAs. Its role is to represent the industry and promote high standards.

Investment management association