Net investment fund sales were up 50% in July 2003 compared to the same month a year earlier, accord...
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 funds under management were up 23% on July last year to £27.9bn. Monthly net Isa sales were slightly down, at £279.1m from £293.6m in June 2003 and £284.4m in July last year.
Intermediaries accounted for two-thirds of gross retail sales. However, salesforce/tied agent remained the most popular distributors of unit trust Isas, accounting for 55% of sales.
The top selling retail sectors for July were UK Corporate Bonds and UK All Companies, with 24% and 18% total gross sales respectively.
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