Fund of fund sales highest on record, says IMA
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Net retail sales of fund of funds totalled £3.9bn in 2009, the highest level ever recorded, according to the latest quarterly figures from the Investment Management Association.
The figure represents nearly four times the 2008 level of 1bn. Funds under management for fund of funds totalled £42.7bn, the highest year end on record and 42 per cent higher than £30bn in 2008.
Tracker fund sales totalled £313m in 2009, the highest level since 2003. Funds under management totalled £27.7bn, 38 per cent up on the £20bn reached in 2008.
Net retail sales for ethical funds gained 1 per cent year on year at £155m up from £154m in 2008 but well below 2007 levels, with £14m outflows in the second quarter of 2009.
Chief executive Richard Saunders says: “Funds of Funds have continued to increase their market share, with net retail sales in 2009 being the highest ever and funds under management the highest year end total on record. We are also seeing an increasing proportion going to funds invested with other fund managers, and these now constitute the majority.”
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