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Summer fund sales stay hot with buoyant July

Investment fund sales rose by more than 50 per cent in July compared with the same month last year.

Investment Management Association figures show that net retail sales hit £863m last month, slightly down from £870m in June which had seen a big rise but significantly up on the £567m reached in July 2002. Net sales of Isas fell to £279m from £294m in June.

The UK corporate bond and all companies sectors remained the most popular with investors last month, respectively accounting for 24 per cent and 18 per cent of total gross retail sales. The least popular were the Japanese smaller companies and index bear fund sectors.

The intermediary sector was again the biggest distributor of funds, accounting for 66 per cent of retail gross sales. Tied agents/salesforces took 20 per cent of sales, with the direct channel accounting for 8 per cent. Private client sales were 5 per cent.

Deputy chief executive Sheila Nicoll says: “The past months show indications of an upturn with sales of unit trusts and Oeics up on last year and funds under management at their highest level since June 2002. For the moment, investor confidence appears to be rising as more retail money enters the market.”


Life offices face a distribution fight

Whatever the FSA may or may not decide on menus, disclosure and the rest, it is clear that new “distributor” models are already emerging. Although we have known for at least a year that American Express was interested in buying into distribution long before the Threadneedle deal, we now know it involves a wrap account […]


Do you think that Abbey National can mount a significant challenge to HBOS&#39s dominant position in the mortgage market? “I don&#39t think they would succeed in becoming number one – they have a lot of problems which they are resolving slowly and their image has been affected by this.” Michael Freedman, Bruce & Partners“They are […]


Dedication can be taken one step too far and the Diary wonders if one adviser realises he may have taken this step. One of Pink Home Loans&#39 Premier members Steven East (pictured above) set off on one of the most challenging races in the world, covering 350 miles overland to reach the North Pole. Steven […]

Scottish Equitable International offers redemption to cash rich companies

Scottish Equitable International has created a capital redemption version of its Dublin private client portfolio. The capital redemption private client portfolio differs from the company&#39s existing portfolio bond in that no lives are assured. The capital redemption structure is more appropriate for businesses and corporate trustees because the death of an individual will not automatically […]

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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