Fund sales increase by 7% in July, says IMA

Gross sales of investment funds were up 7% in July to £4.1bn from £3.8bn in June, according to the IMA's monthly statistics. Gross retail sales increased to £2.3bn from £2.1bn in June of which 67% was distributed through intermediaries. Net sales were up 46% in July to £806m from £550m and although net retail sales of £594m were down on the previous month, they were 13% higher than July 2001. July saw an 8% increase in gross Isa sales to £464.7m while Isa repurchases increased by 41% to £181m, a figure comparable with those made in April 2002, according to the association. The repur...