Sales of UK funds for April are down 10% from the same month in 2006 according to statistics from the Investment Management Association.
Net sales of UK domiciled funds hit £853m last month; a dip from 12 months ago but up 60% from March. The IMA figures also showed Specialist funds remain the top sellers.
Richard Saunders, chief executive of the IMA, says: “Net retail sales last month were at their highest levels for a year, bolstered by a good late ISA season.
“Specialist funds, notably property funds, were the best selling sector for the sixteenth consecutive month, followed by a strong showing from the UK equity income sector.”
The IMA statistics also showed funds under management in April stand at £459bn, up almost 20% on April the previous year, and up 2% from March.
ISA funds under management are 11% higher than April last year at £55bn, with the most popular ISA sector UK All Companies, accounting for 21% of gross ISA sales.
Total net sales of UK domiciled funds were £1.7bn in April, with equities accounting for inflows of £915m. Of the £1.8bn net retail sales, £1.2bn was invested in equities, followed by £223m in bonds.
The most popular distribution channel for UK domiciled funds in April was the intermediary channel representing 83% of gross retail business. Gross ISA sales of £639m from fund supermarkets made them the dominant distributor of ISAs, followed by £422m through sales force/tied agents.
Once again, the Specialist sector remained the most popular UK domiciled net retail sector with inflows of £488m, of which £399m was through the property funds in this sector. The sector with the biggest outflows in April was the Japan with net outflows of £62m.
Overseas funds under management stood at £14bn in April, up 9% from the previous month, while overseas ISA assets were £250bn.
Total net sales of overseas domiciled funds reached £252m in April, 14 times higher than the previous month. Overseas funds also saw net retail inflows of £172m in April, a significant increase from the £30m fall in March.
Net sales of overseas domiciled investment fund ISAs were £7.1m in April, almost double those seen in March.
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