UK funds saw a severe drop in assets under management (AUM) last month, according to the latest figures from the Investment Management Association (IMA).
Assets were down 11% from September and 30% from October 2007. Net retail sales of UK domiciled funds were -£500.4m, a staggering drop from the £921.5bn recorded in October last year. The sector with the biggest outflows in October 2008 was the Specialist sector with an outflow of £256.1m, of which £117.2m was from property funds. The most popular sector in this month was UK All Companies, making up 18% of gross retail sales of UK domiciled funds. Intermediaries remain the most used distribution channel for UK funds. The most popular net retail sector was UK Gilts with inflows of ...
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