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Fund of fund business halves in third quarter

Total net sales of funds of funds halved to £529m in the third quarter of this year from £1.1bn in the second quarter.

Absolute return UK Fofs were the biggest sellers with net business of £264.2m, with the specialist Fof sector producing net sales of £132m and balanced managed bringing in £92.3m.

Funds of funds under management stood at £31.4bn at the end of September, a 5.7 per cent fall from £33.3bn at the end of the second quarter. Balanced funds represented 65 per cent of assets, with 19 per cent in equity funds.

Retail sales of tracker funds saw a net outflow of £33m in Q3, with total funds under management standing at £20.9bn, a fall of 12 per cent from the previous quarter.

Ethical funds under management also fell from £5.2bn to £4.8bn in the last quarter. Retail sales saw a net inflow of £20.5m in Q3 compared with an inflow of £49.5m in Q2 2008.

IMA chief executive Richard Saunders notes: “Fund of fund sales continue to be positive despite the mixed picture for the industry as a whole over the last year. Outflows from trackers in the third quarter were broadly in line with those from equities. In contrast, the smaller group of ethical funds continue to show modest inflows.”


‘Steer clear of bailout bank stocks’

Investors should avoid government-influenced bank stocks due to a lack of dividends and an expected exodus of talent, says New Star global financials fund manager Guy de Blonay.

Sum failure for pension calculator

The ABI/FSA online pension calculator has not been running for two months and neither the FSA nor ABI can say when it will be operating again. ABI spokesman Jon French says the ABI is looking to fix the calculator as soon as possible but he is unable to give a specific timescale.

InFocus - thumbnail

In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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