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Fund sales higher than last summer

Net retail sales of investment funds and Isas dropped in July to under £600m from £614.8m in June but were higher than in July 2001, according to IMA figures.

Net retail sales fell by more than 3 per cent to £594.4m but were 13 per cent higher than last July when they stood at £526.5m.

Net Isa sales fell slightly in July to £283.8m from £300.3m in June but were down substantially on July last year when they reached £437.9m.

The UK all companies sector and the UK corporate bond sector were the most popular last month, accounting for 21 per cent and 14 per cent of gross retail investment respectively. The global emerging markets sector and UK smaller companies sector were the least popular, accounting for less than 1 per cent and 2 per cent.

Salesforces and tied agents accounted for 44 per cent of Isa sales in July, with intermediaries accounting for 32 per cent and direct sales 22 per cent.

Head of communications Clare Arber says: “Despite continued market volatility, investors have maintained their activity.

“They also appear to be less inclined to make their own investment decisions, with 90 per cent of sales made with some form of advice. As the stockmarket continues to be unpredictable, investors are looking for help and guidance.”

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