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August investment fund sales up over year but down on July

Gross investment fund sales for August 1999 were up 25 per cent over the same period last year according to the latest figures from the Association of Unit Trusts and Investment Funds.


It latest figures reveal gross sales of £2.9bn compared to £2.3bn the previous year. But these were down 20 per cent compared to the previous month.


Autif reports corresponding figures for net retail sales show a 130 per cent increase on last year to £1.3bn from £426.3m in 1998. But these figures were also down from the previous month&#39s high of £1.5bn.


Isa sales also followed the general trend, up over 40 per cent to £555m when compared to equivalent Pep sales in August 1998 of £401.4m.


Autif director of communications Anne McMeehan says: &#34The fact that Isa sales this month were higher than the equivalent Pep sales last year needs to be kept in context.


&#34Markets were relatively quiet in August this year compared to turbulent Augusts of 1997 and 1998 when stockmarket uncertainty resulted in depressed sales volumes.&#34

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