The Investment Management Association has for the first time launched sales and fund under management data for offshore investment funds.
It says the publication of statistics – going back to July 2006 – will be displayed with the current IMA monthly sales data and in the short-term will be placed into an ‘overseas’ category for the purposes of the IMA’s classification system.
The IMA says the statistics mark the end of the first phase of its overseas funds project, as it says the collection of sales and funds under management figures for 497 funds from 22 fund management companies, “provides important headline information about the overseas market”.
And going forward the IMA says future figures for offshore funds will be published on a monthly basis within the existing monthly statistics, while it also intends to “undertake further portfolio analysis of these funds” in order to move to phase two of the project, which includes allocating overseas funds into the IMA's existing sectors.
As a result the new figures reveal there is £12.8bn of overseas investment funds under management, while the total for overseas investment fund ISAs under management is £231m.
In addition, the IMA says over recent years overseas business has grown, with more IMA members passporting funds into the UK from other European jurisdictions, and in March it says total net sales for overseas funds are £16.7m, net ISA sales reached £3.7m, although net retail funds fell £31.5m.
Richard Saunders, chief executive of the IMA, says: “With phase one of the overseas funds project complete, the growing importance of this part of the investment funds business becomes visible.”
“Our next task is to take on the huge job of classifying overseas funds into the IMA sectors where possible, and to review the current classification system where appropriate.”
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