IMA net retail sales dip below £1bn in May
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Net retail fund sales for May have dipped below £1bn for the first time since November 2008, according to the latest figures from the Investment Management Association.
Total funds under management stood at £492.6bn, down from £510.6bn a month earlier but up from £391bn in May 2009.
Isa sales held up well, totalling £503m, the highest figure for the month of May since 2000. Net Isa sales total £2.8bn for the year to date, the highest January to May period since 2001.
Absolute Return was the best selling sector in May with net retail sales of £181m, overtaking Cautious Managed which ranked first in April. Global Growth was the second most popular IMA sector in the latest figures.
Overseas domiciled funds saw a net inflow of £34m in May but are down £1m on the month.
Fund platforms’ market share of sales for May increased to 39 per cent but all retail sales channels saw a fall in gross sales.
Chief executive Richard Saunders says: “The results for May tell a mixed story. During a period of market uncertainty, fuelled by the Euro area crisis and post the UK election, investors have chosen to invest mostly in sectors with more flexible investment strategies.”
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