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For immediate release: Monday 24 September 2007
 

1.The increase in funds under management is mainly due to the inclusion of additional institutional funds from January 2007.  The total FUM for August would have been £ 426 billion without these funds, an increase of 13% from August 2006

Graph showing UK domiciled funds under management since August 2006

Net sales of UK domiciled investment fund ISAs were £38.1 million in August, 58% less than July 2007 and down 30% from August 2006.

The most popular UK domiciled ISA sector in August was the UK All Companies sector, accounting for 28% of gross ISA sales.  In net terms the most popular ISA sector was Cautious Managed.

UK domiciled net sales by asset class

Of the £744 million net retail sales £552 million was invested in equities, followed by £180 million in balanced funds.  Institutional holdings of unit trusts and OEICs saw inflows of £246 million with bonds accounting for inflows of £222 million.

Graph showing net retail sales of UK domiciled funds over the last 13 months

Gross retail sales by sector and distribution channel

The most popular sector in August was UK All Companies, representing 20% of gross retail sales of UK domiciled funds. The sector was favoured by intermediaries and accounted for 18% of gross retail business through this channel.

The most popular distribution channel for UK domiciled funds in August was intermediaries, representing 87% of gross retail business. Gross ISA sales of £242 million from fund supermarkets made them the dominant distributor of ISAs, followed by £157 million through sales force/tied agents.Best selling sector for UK domiciled funds 

The UK All Companies sector was the most popular UK domiciled net retail sector with sales of £159 million. The Cautious Managed sector was the second most popular with net retail sales of £158 million. Net retail sales for the Specialist sector totalled £153 million, of which £117 million was in property funds. The sector with the biggest outflows in August was the UK Corporate Bond sector with outflows of £151 million.

OVERSEAS FUNDS

Overseas funds under management of £16.1 billion in August saw a 3% decrease from the previous month, while overseas ISA assets of £287 million fell slightly from July 2007.

Total net sales of overseas domiciled funds saw outflows of £215.5million in August, compared to inflows of £298.7 million the previous month. Overseas funds also saw net retail outflows of £212.2 million in August compared to inflows of £92.2 million in July.

Net sales of overseas domiciled investment fund ISAs were £1.8 million in August, an increase of 51% on July.

Summary of overseas domiciled funds - FUM and sales 

Richard Saunders, Chief Executive of the IMA commented:

"Net retail sales continue to fluctuate.  This month, UK All Companies became the best selling sector for the first time since April 2004. The Specialist sector came close behind after 19 continuous months as the best selling sector, largely due to sales of property funds."

-Ends-

Glossary

Detailed tables
1.Summary table 
2. UK domiciled funds under management by asset class
3. UK domiciled unit trust/OEIC sales
4. UK domiciled net sales by asset class
5.UK domiciled gross retail sales - 10 year summary
6. Overseas domiciled FUM and sales
7. Sector summary - current month
8. Retail business by sector and channel - current month
9. UK domiciled summary of best and worst selling sectors
10. UK domiciled funds under management - 13 month chart
11. UK domiciled net retail sales - 13 month chart
12. Performance of average UK domiciled fund by IMA sector

If you have any comments on presentation of the monthly statistics please e-mailpress@investmentuk.org

For further information, please contact:

Noreen Shah, Press Officer, IMA, 020 7831 0898
Mona Patel, Head of Communications, IMA 020 7831 0898/ 07834 089332