View more on these topics

Fund sales recover from outflows

Fund sales took an upturn in February after massive outflows in January but were still less than a third of business in February 2007.

Figures from the Investment Management Association reveal net retail sales of £309m in February showing a recovery from an outflow of £534m in January.

The specialist sector saw the biggest net retail inflows of £276m, with commodity funds producing £119m. Outflows from property funds were stemmed at £7m from £77m in January.

Net Isa sales also moved into positive territory, with £31.7m of inflows for February compared with January’s outflow of £68.4m. Sales were still well under half of the £88m in February last year.

Director of markets Jane Lowe says: “This month sees positive sales figures for both overall net retail sales and Isas. These modest figures may indicate that consumers’ investment in funds has settled down following the asset switching taking place over the last few months. Only time will tell if long-term confidence has returned.”

Recommended

Risk-based funds set to rise, says F&C

F&C says risk-based funds are on the up as a result of developments in the regulatory and distribution landscapes. A year after the launch of their lifestyle fund range, head of UK retail distribution John Yule says he expects to see significant momentum in the growth of risk-based funds in the UK market. He says […]

Aifa wants FSA to set out list of consultants

Aifa says the FSA should consider publishing a list of compliance consultants it uses to undertake skilled person’s reports to guide advisers towards good quality consultants.In its response to the FSA’s consultation paper on organisational systems and controls, Aifa says the regulator could also work with the Compliance Institute to raise standards.Aifa says there will […]

23,000 mortgage products cut in last 6 months

23,000 mortgage products have disappeared from the intermediary market in the last six months, according to Trigold.It says that in August 2007 there were 45,590 products on the Trigold sourcing system and in February 2008 this had fallen to 21,988 equating to a drop of 52 per cent in just 6 months.Trigold marketing and business […]

Action plan for FSA after Northern Rock debacle

‰A new group of supervisory specialists will regularly review the supervision of all high-impact firms to ensure procedures are being rigorously adhered to. ‰The numbers of supervisory staff engaged with high-impact firms will be increased, with a mandated minimum level of staffing for each firm. ‰The existing specialist prudential risk department of the FSA will […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment