View more on these topics

Golden October sees fund business soaring by 1bn

by Matt Goodburn

Fund sales had a record October with over 1.6bn net retail sales, a massive rise of 1bn compared with the same month last year.

The specialist sector was the top-selling sector for the 10th month running, with property funds taking the bulk of the inflows.

Property accounted for 73 per cent of sales in the sector, according to the Investment Management Association.

The specialist sector saw inflows of 519m in October, with property representing 379m, while the global growth sector saw the biggest monthly decrease with net outflows of 136m.

Net Isa sales stood at 83m, 71 per cent higher than September but 5 per cent down on October 2005, with the UK all companies sector accounting for 23 per cent of gross Isa sales.

Isa funds under management reached a record 50bn in October, 18 per cent up on October 2005, and total investment funds under management reached 398bn, 25 per cent higher than a year earlier and 3 per cent up on September.

The intermediary channel remained the most popular distribution channel, representing 87 per cent of gross retail business last month.

Investment management Association chief executive Richard Saunders said: “For the second consecutive month, net retail sales into investment funds have seen record monthly highs, with over 1.6bn setting a new high for October inflows. This was more than 1bn higher than the same month in 2005.”

Recommended

FSA hits mortgage broker with massive fine

The Financial Services Authority has fined Home and County Mortgages Limited £52,500 for management failures and a lack of skill, care and diligence. The FSA found that one of HCML’s advisers had inflated customers’ incomes on mortgage applications and that HCML did not act quickly and appropriately to deal with the matter. There were also […]

Regulator bans mortgage director

The FSA has banned Mortgage and Finance Club director John Vincent Burton from carrying out any regulated activities. It says Burton personally certified clients’ identification documents without checking whether they were authentic, failed to identify at least 100 mortgage applications submitted with false supporting documents, failed to maintain a business register and did not keep […]

Buddy double

A buddy transfer is one of the options open to two brothers who want to protect their tax-free cash

Fair means, not fowl

Mr Fox likes chicken but is it the best investment on which to base his pension?

Europe 2017: Value, large-caps & liquidity

Joshua Ausden, Head of Client Investment Strategy, Neptune Read more here Important Information – for Investment Professionals Only. Not for Retail Clients.Investment risksNeptune funds may have a high volatility rating and past performance and forecasts are not a guide to future performance. These are Neptune’s views and as such this document is deemed to be […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com