View more on these topics

HSBC launches protected Pep

Net sales of unit trusts and Peps fell to £149.4m in September, down from £421.4m in August, according to figures from the Association of Unit Trusts and Investment Funds.


The main cause was lack of buying by the institutions, which had net sales of minus £184.2m.


Gross institutional sales of £957m were slightly down on last month, but a record level of repurchases from the UK Smaller Companies sector pushed the overall net position to a negative.


Repurchases in the Japan sectors also far out-weighed sales, to contribute to the low net total.


There was a slight pick up in net Pep sales in September, despite the FTSE 100 and other international markets showing continued volatility.


Net Pep sales were £406m, up from £400m in August and £404m in September last year.


Autif director general Philip Warland says the figures are pleasing considering the market performance.


He says: &#34This latest set of figures is our strongest evidence yet that private investors buying investment funds, especially via Peps, are committed savers, and understand that investment funds offer the key to long term financial security.&#34

Recommended

Analysts in warning to Pru on Q3 sales

Insurance analysts have warned that Prudential should be concerned that IFA sales for the third quarter are down for the first time since 1995.Both single and regular premium IFA sales are marginally down for the third quarter. Prudential also recorded a 20 per cent fall in product profit margins which was the highest of any […]

Royal & SunAlliance links with Midshires to offer capped mortgage

Royal & SunAlliance is linking up with Birmingham Midshires to offer a capped rate mortgage.The mortgage, which is available for up to 95 per cent loan to value, is capped at 5.79 per cent until October 31 2001. The minimum loan is £35,000 and the maximum is £500,000.R&SA is offering £300 cashback and a refund […]

C&G halves minimum balance requirement for offshore funds

Cheltenham & Gloucester Channel Islands is to halve the minimum balance requirement from £10,000 to £5,000 on its offshore investment accounts on November 2.It will also reduce interest rates on all products by 0.25 per cent.Balances of £100,000 or more will now earn 7.5 per cent a year gross interest and tiers at £25,000 and […]

National Savings joins &#39Cool Britannia&#39 bandwagon in product redesign

National Savings is jumping on the &#39Cool Britannia&#39 bandwagon, hiring advertising agency BMP DDB to modernise the image of its traditional product range.The advertising account, which is worth £10m, is running in parallel with a product redesign being promoted by National Savings itself.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment