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IMA reveals 11 per cent fall in funds under management

The Investment Management Association has revealed an 11 per cent fall in assets under management for October 2008.

Funds under management for October 2008 stand at £338.9bn, down from £379.8bn in September and a 30 per cent fall from the £481.2bn in October 2007.

Net retail sales saw a hefty outflow of £500.4m, a stark difference from the £921.5m of inflows 12 months ago. Equity funds saw the brunt of the fall, with outflows of £373m.

UK gilts were the most popular sector for UK domiciled net retail sales in October, with inflows of £154.8m. While the specialist sector saw outflows of £256.1m, with property funds accounting for £117.2m of the losses.

Net retail sales for absolute return funds also saw outflows of £33.2m, the first time the sector has seen losses since it was introduced by the trade body earlier this year.

IMA chief executive Richard Saunders says: “October’s outflow meant that in three of the last four months retail investors have been net sellers of funds. But the October outflow remains relatively modest compared to funds under management at around a quarter of one per cent. For the first ten months of 2008, retail investors have added some £1.3 billion to their holdings. There are no signs of large scale selling by retail investors.”

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