Net retail sales of funds fell dramatically to £140m in June 2008 compared to £653m the previous month and £748m in June 2007, according to the latest statistics from the IMA.
The biggest net inflow was into the 'other' sector driven by absolute return funds, which saw inflows of £214m, whilst balanced funds saw inflows of £126m. Equity funds saw outflows of £371m, with the largest outflow coming from UK All Companies sector at £164.7m. It was also a bad month for property funds which saw an outflow of £14m. Funds under management of UK domiciled investment funds was £425.2bn in June 2008, 6pc lower than in May 2008 and 9pc lower than in June 2007. UK domiciled ISA funds under management of £87.8bn was 6pc down compared to the previous month and also compa...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
