Overseas-based fund sales soar
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Overseas-domiciled funds saw £290m net retail sales in March, more than five times the £51m reported a month earlier, according to the latest Investment Management Association statistics.
This figure is up markedly from January’s figures which saw net outflows of £139.7m.
Net retail sales of overseas investment fund Isas were £1.9m in March compared with £700,000 in February and £1.3m a year earlier.
In April, the IMA started to include offshore funds in its sector classification system.
The IMA received admission requests from 180 funds in the first phase. A total of 91 funds were included in 17 different sectors in the first phase leaving 69 pending, awaiting completion of queries and data from the funds.
Whitechurch Securities managing director Gavin Haynes says the figures still represent a small percentage of total fund sales and could be skewed by an offshore launch or a large fund of fund ploughing money into a specific fund.
He says: “Now offshore funds are starting to appear in IMA sectors and fund companies are making some launches but not replicating them onshore it will be interesting to see if flows continue to increase.”
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