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Embargoed until 12 noon: Monday 25 February 2002

 

 INVESTMENT FUND STATISTICS
JANUARY 2002

• Investment funds under management £231 billion

• Gross industry sales £3.4 billion (January 2001 £4.5 billion)

• Gross retail sales £2 billion (January 2001 £2.6 billion)

• Gross ISA sales £380 million (January 2001 £637 million)

Sales of investment funds started the year on a positive note.  Gross retail sales of unit trusts and OEICs rose to £2 billion from £1.8 billion in December.  However, both retail and total sales are over 20% down on January 2001.  Investment funds under management fell to £231 billion. 

Gross ISA sales rose to £380 million, an increase of 14% over the previous month
(£333 million in December).  Net sales also increased to £276 million.  Sales of investment fund ISAs are currently running at levels 40% lower than January 2001.  Sales forces and tied agents were responsible for 40% of ISA business, whilst IFAs accounted for 35% and the ‘direct’ channel, 25%.

ISA investment in corporate bond funds continues to increase, and significantly so this month.  The proportion of gross sales into the corporate bond sector increased by over 9% from December.  The other income-oriented sectors also benefited from an increased share of ISA sales, albeit on a more marginal basis.

Clare Arber, Head of Communications at the IMA, commented:

“Investment in unit trusts and OEICs began the year in a positive fashion, but investors appear cautious of saving at previous levels.  Two years of disappointing returns from equities have made many people reluctant to invest in assets which may be more volatile in the short term.  However, there are signs that investors are balancing their portfolios by investing proportionately more in the UK income sectors.”

Summary table: January – Unit Trust, ISA and PEP data

	Jan 02	Dec 01	Jan 01
Total funds under management	£231.3 bn	£235.9 bn	£269.4 bn
ISA funds	£21.3 bn	21.6 bn	£19.3 bn
PEP funds	£45.6 bn	£46.5 bn	£57.3 bn
OEIC funds	84.7 bn	£81.6 bn	£78.2 bn
Total gross sales	£3,405.1 m	£3,601.0 m	£4,456.5 m
Gross retail sales	£2,013.5 m	£1,836.7 m	£2,558.7 m
Gross ISA sales	£380.0 m	£333.3 m	£637.1 m
Gross PEP sales	£84.3 m	£66.4 m	£155.8 m
Gross institutional sales	£1,391.6 m	£1,764.3 m	£1,897.7 m
Total repurchases	£2,744.0 m	£4,060.1 m	£2,638.7 m
Retail repurchases	£1,392.4 m	£1,199.1 m	£1,491.5 m
ISA repurchases	£104.4 m	£68.4 m	£120.1 m
PEP repurchases	£254.0 m	£182.5 m	£425.8 m
Institutional repurchases	£1,351.6 m	£2,861.0 m	£1,147.2 m
Total net sales	£661.1 m	£-459.2 m	£1,817.8 m
Net retail sales	£621.1 m	£637.5 m	£1,067.2 m
Net ISA sales	£275.6 m	£264.9 m	£517.0 m
Net PEP sales	£-169.7 m	£-116.1 m	£270.0 m
Net institutional sales	£40.0 m	£-1,096.7 m	£750.5 m
Total accounts	18.02 m	18.06 m	17.06 m
ISA accounts	7.205 m	7.269 m	5.716 m
PEP accounts	8.10 m	8.20 m	8.90 m
Number of funds	1,949	1,971	1,952
Number of companies	138	142	156
Number of OEIC providers	63	58	49

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For further information please contact:

Dick Saunders, Chief Executive,  IMA, 020 7831 0898

Clare Arber,  Head of Communications,  IMA, 020 7831 0898

Dorian Carrell,  Head of Statistics,  IMA, 020 7831 0898

Notes to Editors:

Copies of all monthly sales statistics from December 1997 are available on the AUTIF Website (www.investmentuk.org) under ‘Industry Data’.

Best selling funds in January

Worst selling funds in January

Detailed Monthly Sales Figures