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Fund sales are down by 28% but IFA share rises

Sales of unit trust and Oeic Isas continued to plummet in June, down by more than a quarter on the same month last year.

Gross Isa sales for the month fell by 28.1 per cent to £571.7m compared with £795.5m in June last year, according to the latest figures from Autif.

Total retail sales fell by 6.6 per cent to £2.51bn from £2.69bn.

The amount of Isas cashed in rose by 19.1 per cent to £1.88bn from £1.58bn.

Despite slow sales, IFAs continued to increase their share of the market, acc-ounting for 66.5 per cent of all retail sales in June. This compares with 62.1 per cent in May and 60.8 per cent in June last year.

IFAs made their gains largely at the expense of tied agents and salesforces, whose market share fell to 12.67 per cent from almost 20 per cent last summer.

UK all companies continued to the most popular sector in June, accounting for 31.2 per cent of all retail sales compared with just 23.3 per cent in the same month last year.

Japanese smaller companies was the least popular sector, making up just 0.02 per cent.

Simpsons partner And-rew Merricks says: “The fact that people are staying at home is a bad call. It is names that people understand and can feel a bit happier with in the UK sector. It is all very well having these exotic places to invest but they must perform.”

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