The extent of the credit crunch has been starkly revealed today after IMA figures showed January retail sales of UK funds dropped by almost £1.5bn from the same month last year.
The statistics illustrate there were -£550.5m net retail sales in January, down from £912m in January 2007. Net retail sales for overseas domiciled funds also saw a steep drop – from £16.7m last January to -£296.4m last month. There was £550m worth of net retail outflows, with equities witnessing the largest outpouring of £867m, including £77m outflows from property funds. Funds under management of UK domiciled investment funds were £433.2bn in January, a fall of 7% from December and 3% lower than January 2007. The Global Growth sector was the most popular UK domiciled net retail sector...
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