UK investors remain positive despite retail sales volumes for the latest quarter falling by 17 per cent, according to Feri Fund Market Information.
Feri’s latest UK Fund sales report, the Pridham Report, finds that UK mutual funds did not suffer the cull seen in other European markets.
The UK saw an increase in repurchases during May but a surprisingly robust sales performance in June, opposing trends seen in the rest of continental Europe.
With net subscriptions doubling in this final month of the quarter to over £1.1bn, the UK industry became Europe’s most successful market in June.
After a record first quarter, Feri said it was unlikely that the second post-Isa season quarter would compete but gross retail sales held up remarkably well dipping just 7 per cent below the total achieved in Q1.
Latest figures showed the quarter’s gains to be well spread across the asset
management community with the leading ten groups accounting for just 41 per cent of all inflows.
UK Fund Sales Report editor Bella Ferreira says: “The ability of UK groups to maintain sales progress in the rather bumpy terrain we saw in May and June
stands in stark contrast to the experiences of groups in Continental Europe”