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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.”


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