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Overseas funds are boosted to £18bn

Offshore funds under management have increased by 11 per cent in July compared with the previous month, according to Investment Management Association figures.

Overseas domiciled funds under management grew to £18.2bn from £16.4bn and up from £16.6bn for the same per-iod in 2007. Overseas Isa assets fell by £1m to £303m and are down from £332m in July 2007. Net retail sales of overseas domiciled funds saw outflows of £91.3 m compared with £183.2m. Net retail sales of overseas domiciled investment fund Isas saw outflows of £2.3m compared with £1.9m.

IFA Premier Wealth Management managing director Adrian Shandley says: “With offshore funds, it is a lot easier to invest in dollar-denominated funds. There has been a bit of a gain on the dollar so they would be the last ones to be sold and there is an attraction to retain offshore funds.

“Changes in capital gains tax also mean that offshore funds are also becoming more attractive. The drop in overseas Isas is due to the fact that they are generally exposed to very small emotionally led investors who tend to panic a lot quicker than institutions when times are hard. Some of the middle-ground investors will be advised to avoid Isas unless they are spec- ifically seeking income from corporate bonds.”

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Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

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