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Fund sales see partial recovery after US attacks

Net retail sales of unit trusts and Oeics showed some signs of recovery in November, according to Autif figures.

Total net sales reached £1.4bn compared with £1.7bn a year earlier while net retail sales of £591m were well below the previous year&#39s figure of £1bn.

But Autif says it is encouraging that November&#39s sales were more than double the figure achieved in the previous month, when total net sales of unit trusts and Oeics stood at £776m and net retail sales were just £247m.

Funds under management increased to £234bn in November from £223bn in October, which Autif says is a sign of worldwide markets continuing their recovery from the terrorist attacks of September 11.

Net Isa sales of £268m in November were 6 per cent down from the previous monthly figure of £286m. Funds under management in investment fund Isas rose to £22bn from £20.2bn.

Of the total £1.5bn investment Isa sales in November, salesforces and tied agents accounted for 41 per cent while IFAs were responsible for a third and direct channels took 25 per cent.

However, in terms of total sales, IFA continue to dominate with a 64 per cent marketshare compared with direct at 14 per cent and salesforces at 16 per cent.

Autif head of communications Clare Arber says: “We are quietly encouraged by the investment fund sales figures for November. Although it is still too early to say with certainty that investors have regained all confidence in stockmarket investment, there does appear to be a growing number of savers who believe now is a good time to invest.

“However, private investors continue to show a preference for bond fund investment.”

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