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 For Immediate Release:  Tuesday 28 October 2003

 

INVESTMENT FUND STATISTICS 

 September 2003

 

  • Investment funds under management £224 billion

  • Gross industry sales £4.1 billion (Sept 2002 £3.6 billion)

  • Gross retail sales £2.4 billion (Sept 2002 £1.9 billion)

  • Gross ISA sales £441 million (Sept 2002 £375 million)

September’s investment funds under management of £224 billion were marginally down on the previous month, reflecting subdued markets in September, and up 18% from September 2002.

Net retail sales in September were £573 million, down 25% on August 2003, though well above the £92 million of September 2002.  Net ISA sales were £258 million, up 10% on August and 27% on September 2002.

Intermediaries continued to dominate the distribution of investment funds to the retail market in September, accounting for 65% of total gross retail sales.  Sales force/tied agents continued to be the largest seller of investment fund ISAs accounting for 54% of sales.

Once again the biggest selling sectors in September were UK Corporate Bonds accounting for 20% of total gross retail sales, and UK All Companies (19%). The preference for domestic investment is reflected by UK sectors accounting for the vast majority of net inflows on both a retail and institutional basis.

The number of PEP and ISA regular savings accounts grew in the third quarter of 2003, for the first time since the beginning of 2002, from 1.48 million to 1.50 million. The amount of money flowing into these accounts also increased from £370 million in the second quarter to £393 million, an increase of 6%. This is the first increase of money into tax wrapper regular savings accounts since the first quarter of 2001.

Richard Saunders, Chief Executive of the IMA commented:

“Investment fund sales in September continued the encouraging trend of recent months; net purchases of funds by investors in the third quarter were well ahead of the corresponding period last year.  Savers appear to be cautiously returning to the market.”

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

 

Sep-03

 

Aug-03

 

Sep-02

 

Total funds under management

£223.5

bn

£227.2

bn

£189.8

bn

ISA funds

£28.7

bn

£28.7

bn

£21.6

bn

PEP funds

£36.4

bn

£37.2

bn

£35.4

bn

OEIC funds

£138.6

bn

£127.6

bn

£96.5

bn

Total gross sales

£4,109.0

m

£3,303.9

m

£3,588.6

m

Gross retail sales

£2,394.4

m

£2,174.8

m

£1,855.4

m

Gross ISA sales

£440.5

m

£386.5

m

£374.9

m

Gross PEP sales

£67.7

m

£70.1

m

£71.6

m

Gross institutional sales

£1,714.7

m

£1,129.1

m

£1,733.2

m

Total repurchases

£3,538.8

m

£2,629.4

m

£3,440.3

m

Retail repurchases

£1,821.3

m

£1,409.3

m

£1,763.3

m

ISA repurchases

£182.3

m

£151.5

m

£172.1

m

PEP repurchases

£248.4

m

£202.9

m

£279.1

m

Institutional repurchases

£1,717.6

m

£1,220.1

m

£1,677.0

m

Total net sales

£570.2

m

£674.5

m

£148.3

m

Net retail sales

£573.1

m

£765.4

m

£92.1

m

Net ISA sales

£258.2

m

£235.0

m

£202.8

m

Net PEP sales

-£180.7

m

-£132.8

m

-£207.5

m

Net Institutional sales

-£2.9

m

-£91.0

m

£56.1

m

Total accounts

18.69

m

18.86

m

18.50

m

ISA accounts

8.12

m

8.14

m

7.76

m

PEP accounts

6.96

m

7.02

m

7.49

m

 

Number of funds

1,902

 

1,907

 

1,972

 

Number of companies

129

 

130

 

130

 

Number of OEIC providers

74

 

73

 

70

 

 

Regular Savings: No. of Plan Holders

 

Q1 2000

Q2 2000

Q3 2000

Q4 2000

Q1 2001

Q2 2001

Q3 2001

Q4 2001

PEP/ISA

1,408,040

1,508,137

1,593,089

1,657,533

1,711,011

1,761,793

1,736,393

1,656,675
Non PEP/ISA

294,794

357,795

366,294

362,485

319,893

319,365

311,045

331,663
Total

1,702,834

1,865,932

1,959,383

2,020,018

2,030,904

2,081,158

2,047,438

1,988,338

 

 

Q1 2002

Q2 2002

Q3 2002

Q4 2002

Q1 2003
Q2 2003

Q3 2003

Q4 2003

PEP/ISA

1,657,111

1,593,893

1,560,062

1,554,530

1,537,339

1,480,035

1,499,396

 
Non-PEP/ISA

336,886

344,931

335,185

337,113

338,670

318,090

309,506

 
Total

1,993,997

1,938,824

1,895,247

1,891,243

1,876,019

1,798,125

1,808,902

 

 

Sales: £mn

 

Q1 2000

Q2 2000

Q3 2000

Q4 2000

Q1 2001

Q2 2001

Q3 2001

Q4 2001

PEP/ISA

£386.3m

£421.2m

£448.0m

£459.4m

£501.0m

£478.6m

£475.9m
£468.5m