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Information: Embargoed: 12.00 Monday 28 September 1998

Investment Funds Industry takes August Market turbulence in its stride

• Net retail sales of £410.2 million up 17% on August 1997

• Net PEP sales of £387.3 million up 9% on August 1997

• Unit holder accounts up by 100,000 on July 1998

• Gross industry sales up 17% on August 1997

Whilst it would be unwise to suggest that the highly volatile market conditions that have prevailed since the middle of last month have had no negative effect on investor sentiment, the actual industry figures for August uphold the anecdotal evidence delivered in AUTIF’s July press release. Philip Warland, Director General of AUTIF reaffirmed:

"The early feedback we were able to gain from anecdotal evidence last month has now been verified. Retail investors were pretty stoical about market conditions and apparently remain so. Understandably, fewer investors are looking to buy at the moment, but at the same time, the vast majority are looking to ride out the current market turbulence."

He continued:

"It does seem that current investors understand that the long term out-performance that equities give will include periods of flat or falling prices, and most private investors can afford a much longer term perspective than institutional managers. The anecdotal evidence for September suggests a similar pattern to August, low levels of purchases, but no panic selling"

Summary table: August Unit Trust and PEP sales

For further comment please contact:

Anne McMeehan, Director of Communications  AUTIF  0171 831 0898
Philip Warland, Director General  AUTIF  0171 831 0898
Michael Quach, Head of Statistics  AUTIF  0171 831 0898
Dianne Archibald, Statistics Assistant  AUTIF  0171 831 0898

Notes to Editors:

Best selling funds in August
Net Retail Sales                              Net Institutional Sales
UK Growth, Other Fixed Interest   Europe, International Growth

Worst selling funds in August
Net Retail Sales                                        Net Institutional Sales
UK Smaller Co, Far East Excl Japan         UK Smaller Co, Far East Incl Japan

PEPs:
The tables detailing stocks and flows via PEPs relate to plans operated by unit trust managers only and not to plans operated by all PEP Plan Managers.

1. Summary of total unit trust and PEP sales - 1990 to 1998

2. Sector summary - August 1998

3. Retail gross - August 1998

4. Retail repurchases - August 1998

5. Retail net sales – August 1998

6. Institutional business - gross, repurchases and net sales - August 1998

Charts

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