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Corporate bonds dominate March sales, IMA stats

The Corporate bond sector was the most popular UK domiciled net retail sector for March with inflows of £935.1m, according to the latest figures from the Investment Management Association.

The sector represented 21 per cent of gross retail sales of UK domiciled funds in March with 88 per cent sold through intermediaries.

Of the £1.7bn net retail sales, £1bn was invested in bond funds, followed by £445m in equity funds.

Funds under management of UK domiciled investment funds were up 2 per cent to £347.9bn in March from £340.2bn a month earlier.

UK domiciled Isa funds under management of £67.9bn were 2 per cent lower than February’s £66.8bn while net sales were £321m, an increase from last month’s outflow of £112.5m.

The 2008/09 Isa season which runs from March 1 to April 5 saw net inflows of £529.1m, 74 per cent more than the previous tax year season’s inflow of £303.8m.

Overseas funds under management were £15.3bn in March, a 4 per cent increase on February’s figure of £14.7bn.

IMA chief executive Richard Saunders says: “This year’s Isa season saw significantly greater net investment than 2008. At the same time the strong inflows into bond funds of the last few months have been maintained. As a result, net retail sales for March were the highest they have been since April 2007.”

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