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IMA reports continued fund exodus

Retail funds under management fell by 7 per cent in January 2008 to £433.2bn as UK retail outflows reached a record £550m.

The Investment Management Associations monthly statistics show the continued effect of the credit crunch, with the £550m of outflows beating December’s previous record of £337m.

Equities took the biggest hit losing £867m, including a £77m withdrawal from property funds. This comes after a £242m net withdrawal from property funds in December 2007.

The global growth sector was the most popular UK net retail sector with inflows at £154m. By contrasts the biggest outflows in January 2008 came from the UK all-companies at £439m.

Meanwhile, Isa sales also saw ouflows of £68.4m last month, compared to inflows of £17m in December 2007 and £30.9m in January 2007.

IMA chief executive Richard Saunders: “January saw a continuation of the outflows experienced in the last two months of 2007. While it is traditionally a slower month in the run-up to the Isa season – which many are predicting will be a quiet one – broader market conditions have exacerbated this. January’s outflows were concentrated in equity funds, with property fund outflows down to about half the levels of November and December.”

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