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IFAs take two-thirds of fund sales

The best-selling funds in the IFA sector in August were UK all companies, equity income and corporate bonds and North America funds, according to Investment Management Association figures.

Fund sales in the tied market were concentrated on UK corporate bond funds.

Gross retail fund sales overall fell from July&#39s £2.3bn to £2.05bn but that figure was slightly up on August 2001&#39s £2.02bn.

Gross sales of Isas fell to £272m in August from£465m in July and £331m in August 2001.

Intermediaries accounted for 67 per cent of all sales, with tied agents and direct salesforces accounting for just 18 per cent and direct for 15 per cent.

UK all companies with gross sales of £251m, North America with £199.5m UK equity income with £178m were the most popular sectors in the intermediary channel, accounting for 45 per cent of all sales.

In the tied and direct salesforce channel, UK corporate bond funds were most popular, accounting for 55 per cent of total gross sales at £200.5m while IFAs also sold £156m in corporate bond funds. Across all channels, European funds were the worst selling.

IMA chief executive Richard Saunders says: “Net retail investment continued to hold up in Aug-ust, notwithstanding falls in the stockmarket.”

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