The IMA today warns that it is too early to be sure of a recovery in the industry, despite its most ...
The IMA today warns that it is too early to be sure of a recovery in the industry, despite its most recent figures showing a healthy increase in both month-on-month and year-on-year sales.
Net industry sales hit £1.5bn in June, a whopping 69% increase on May, and up more than 150% compared to the same month last year.
Net retail sales were up 45% compared to June 2002.
However, IMA head of communications Clare Arber warns that the recovery in sales is not to be taken for granted.
"We may not see investors returning to the stock market on the scale of earlier years until a prolonged recovery takes place."
And despite the recorded recover, certain sectors, such as ISA sales, continue to drag: June gross ISA sales were £435m, barely changed on last June's £429 figure.
The good news is that total ISA funds under management have risen in value along with this year's recovery so far, totalling £27.1bn in June, nearly £3bn up on the figure of £24.4bn recorded one year ago.
The number of IMA registered funds continues to fall, numbering 1,942 in June this year compared to 1,952 in June last year – implying improved efficiencies among asset managers who are seeing more money come into their funds even as overheads continue to fall.
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