Net fund sales for July up 50% on the previous year

Net investment fund sales were up 50% in July 2003 compared to the same month a year earlier, according to statistics from the IMA. Net sales in July this year totalled £1.42bn, compared to sales of £1.41bn last month and £950m in July 2002. Accordingly, investment funds under management of £221.8bn in July were at the highest level since June 2000, when the figure stood at £222.3bn. However, the level of net sales was almost dwarfed by the slew of repurchases during July, with investors cashing in £2.95bn, a 5.5% jump compared to the previous month's figure of £2.79bn. Meanwhile, Isa...