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Record sales for fund of funds, IMA stats

Multi-manager net retail sales totalled £3.8bn for the first six months of 2011, the highest half year on record, according to the latest statistics from the Investment Management Association.

In the second quarter of this year, net retail sales for multi-manager sector totalled £2bn, above the quarterly average of £1.8bn for the previous four quarters.

Funds under management for multi-manager funds totalled £63.5bn at the end of the second quarter, accounting for 11 per cent of total funds under management.

Tracker funds  accounted for 6.7 per cent of total funds under management, totalling £40.5bn of funds, in line with the first quarter of this year.

In the second quarter, net retail sales of tracker funds totalled £313m,below the quarterly average of £515m for the past four quarters.

Ethical funds had its highest quarter of net retail sales since the fourth quarter of 2007 at £94m.

Ethical funds under management totalled £7.1bn at the end of June 2011, up 23 per cent on Q2, 2010.


Resolution can buy outside life project

Resolution has agreed a deal that will allow senior management, including Resolution founder Clive Cowdery, to pursue other financial services acquisitions outside of its UK life project. The Resolution brand has been used by Cowdery to acquire Friends Provident, Axa’s UK life and pension business and Bupa Health Assurance. Friends Provident and the Axa business […]

Nationwide latest to launch PPI alternative

Nationwide has become the latest company to offer an alternative payment protection insurance product branded as short-term income protection. The building society launched its Lifestyle Protector product last week which allows customers to set the level of cover they require for unemployment, accident and sickness, or all three. The product has been underwritten by Pinnacle […]


Thousands sign compulsory financial education petition

A petition to make financial education a compulsory part of the school curriculum had been signed by more than 12,200 people by this morning. The petition was posted on the Government’s new e-petition website by Money Saving Expert founder Martin Lewis last week. If it reaches 100,000 signatures the topic will be referred to the […]

Absolute return funds are not letting investors down

I would imagine that with the ongoing global economic crisis, investors will be casting an eye over absolute return funds, given they aim to deliver positive returns even when stock-markets fall. But absolute return is a relatively new sector with a chequered history. It was no surprise that marketing departments were quick to lose the […]


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