Back to 2004 Press Release menu

 For Immediate Release:  Monday 29 November 2004

INVESTMENT FUND STATISTICS 

October 2004

• Investment funds under management £260 billion

• Gross industry sales £4.6 billion (October 2003 £4 billion)

• Gross retail sales £2.5 billion (October 2003 £2.4 billion)

• Gross ISA sales £350 million (October 2003 £410 million)

Investment funds under management continued to rise in October increasing by 1% from September to £260 billion, up 13% from October 2003. ISA funds under management also saw an increase of 1% from the previous month and a 21% increase on the year.

Total net sales of £902 million were higher than the £462 million in September and increased by 46% from October 2003. Net retail sales rose by 35% on September but were down by over a third from the previous year.

Positive net ISA sales of £37.4 million were an improvement on September’s sales of -£23.5 million, but were 83% lower than October 2003.

The most popular sector in October was UK All Companies accounting for 26% of gross retail sales, followed by UK Equity Income (14%) and UK Corporate Bond (9%).

October’s most popular distribution channel for investment funds was intermediaries, responsible for 78% of gross retail sales, whilst the largest proportion of investment fund ISAs (45%) were sold by sales force/tied agents.

Richard Saunders, Chief Executive of the IMA commented:

“ISA sales returned to positive territory in October, though the subdued trend of recent months has continued.  Despite the loss of part of their tax incentive, ISAs continue to have significant attractions for investors, and over the next few months we may see if the improved equity market since the summer will help a return of investor confidence.”

Summary table – October 2004 – Unit trust/OEIC, ISA and PEP data