Gross sales of investment funds were up 7% in July to £4.1bn from £3.8bn in June, according to the I...
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 repurchase figure reflects not only those people who are cashing in but also includes the effect of money moving between sectors.
After the UK All Companies sector, UK Corporate Bond was the most popular destination for July accounting for 14%, £320m, of gross retail investment.
The UK Other Bond sector however, saw its share of retail investment halve on the same period last year to make up just 4%. Clare Arber, head of communications at the IMA, said: 'Despite continued stock market volatility, investors have maintained their activity. In part this may be the result of reorganising investment portfolios to ensure that they still achieve the appropriate balance in the current economic conditions.'
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