View more on these topics

Money market outflows continuing at Cofunds

Cofunds has seen outflows across money market funds in the past three months.

The platform saw net sales outflows of 0.8 per cent for money market funds in July following outflows of 0.9 and 1.7 per cent in May and June respectively.

Money market funds represented 7 per cent of all net sales on the platform last year but this figure fell to 3 per cent in the first quarter of 2009.

The funds hit the headlines last September when AIG’s enhanced fund, which was marketed as an alternative to a bank or building society account, was frozen after too many investors withdrew their money at the same time.

Cofunds business development manager Michelle Woodburn says: “We do not do a huge amount of business with money market funds and I would say that much is done on a fund by fund basis. Investors also have more options for their assets now, with equities and bonds looking far more attractive than they did at the end of last year.

Thames River has emerged as the third-biggest fund firm for net sales share in July on Cofunds. The firm represented 7 per cent of total sales, behind M&G and Invesco, with 24 per cent and 14 per cent respectively.

Woodburn says: “Much of Thames River’s success is coming through their multi-manager range, with all the funds catching the eye.”

Recommended

Keydata copout

Keydata investors do not know whether they are coming or going. At first, they were told their money held in Keydata plans was as good as safe. Then it was suggested their money was not safe at all, leaving 85,000 investors wondering whether they had lost the lot.

Trevor Matthews

After months of exhausting negotiations with Resolution to get a viable deal on the table, Friends Provident chief executive Trevor Matthews is about to head off for a day at the Ashes and is proudly flaunting Australian flag socks and matching cufflinks for the deciding test.

Term fees

Just a short note to disgruntled IFA Julian Stevens, who complained bitterly his client would not pay him an admin fee of £50.

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com