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Fall in overseas-domiciled fund sales

Retail sales in overseas-domiciled funds fell by over a third last year, according to statistics from the Investment Management Association.

Retail sales fell to £999m in 2010, down by over 36 per cent from the £1.5bn taken in 2009. This compares with a 7.8 per cent fall in onshore sales from £25.9bn in 2009 to £23.9bn in 2010.

Offshore retail sales also fell markedly in the final quarter of 2010, with almost £80m of outflows. Net Isa sales also fell to £4.8m in 2010 from £12.7m in 2009 while institutional net sales recorded a £122.8m outflow. Gross sales in net retail funds almost doubled from £6.2bn to £12.3bn.

Total funds under management rose to over £26.5bn in 2010 from £24.9bn. Funds under management in Isas also rose from £376m to £443m.

IMA chief executive Richard Saunders says: “Net retail sales of overseas funds have been volatile, as demonstrated in the shift from substantial outflows of £663m in 2008 to inflows of £1.6bn in 2009. One possible reason for such volatility is that the overseas domiciled fund market within IMA sectors is still maturing.”

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