Group raised £875m gross in the last tax year despite exit of key staff to new star
Jupiter's sales have been holding up well despite losing key fund managers to its fledgling rival New Star.
Jupiter, which was much maligned last Isa season after several key staff left to join the group set up by its former owner John Duffield, estimated it has raised some £875m gross for both wrapped and unwrapped sales over the 2001/02 tax year.
From January 2002 to 4 April, the group's total sales amounted to £340m. Historically, 75% of the group's total sales are Isa and Pep business. If this trend continues this year, it means the group has had a total of some £656m in Isas over the past tax year and £260m since the start of the year.
This compares with New Star's nine-month track record, with total gross retail sales figures to the end of the 2001/2002 tax year also in excess of £600m.
For the year to date, New Star reported sales of more than £200m. However, up until October 2001, the group had only two retail funds and until February this year had just three. As the group has no track record, it said it could not guess the percentage of its business that has come through Isa sales over this time period.
Steve Glynn, joint managing director at Jupiter, expects the percentage of business consisting of Isa sales to be lower this year than in previous years.
This he attributed to the difficulty in stripping Isa figures out of fund supermarket sales. Most Isa retail investors have been quite cautious this year, he said, while more sophisticated investors have invested through unwrapped products.
The ability, or lack thereof, to strip supermarket figures has plagued many groups, especially Fidelity, which claims it cannot strip out the sales figures achieved by other groups through FundsNetwork.
Fidelity is reporting it has hit around £1.2bn gross new Isa sales for the entire year and some £470m gross since the start of the year, although this is including third party sales via its supermarket FundsNetwork.
The group estimates that overall sales are some 8% down on Isa figures from last year. The £1.2bn figure includes estimates of all sales via Funds-Network, plus sales through its third-party channels and direct sales.
Last year, FundsNetwork had some £235m in assets under management, while as of 3 April 2002, it had reached £635m. Fidelity said its funds are the biggest seller through the platform but refused to say what percentage of its fund supermarket sales these were responsible for.
Norwich Union is considered one of the big players this season due to the reputation of its UK income product.
The group's gross Isa sales amounted to £15.9m in January, rising to £19.2m in February and £27.7m in March. It raised £11.6m during the first four days of April.
Anticipated total gross Isa sales for the tax year 2001/2202 are £315m, with some £140m of this going into the NU Higher Income Plus fund.
ABN Amro said sales have been on a par with the 2000/01 Isa season, having raised some £90.7m over the past three months. This includes an estimation of what has come in from fund supermarket sales. The group has yet to collate figures for the entire tax year.
While it refused to reveal its sales figures, Credit Suisse Asset Management (CSAM) said it has had its best ever tax year sales. Ian Chimes, managing director at CSAM, said total gross sales are up 150% on the last tax year. Isa sales, largely driven by Bill Mott's Income and Monthly Income funds, were up 27% in January on the same month last year, 220% in February and 138% in March.
Many groups have refused to provide sales information this year, although most concede that Isas are off some 30%-40% over last year.
Those groups that provided information in the past but have failed to do so this year include Aberdeen, Invesco Perpetual, Newton and Schroders.
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