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Top 10 funds take an 11% slice of total sales

The top 10 biggest-selling funds last year took in 11 per cent of total sales, with Isis Asset Management&#39s money markets fund raking in more than £900m alone, according to new figures.

The 2003 edition of the UK Fund Review & Directory reveals that £5.4bn of the £47.6bn of total gross sales in 2002 was directed into the top 10 biggest sellers dominated by cash and bond funds. In a measure of how investor sentiment has changed, none of these funds made the top 10 in 2001, which was dominated by growth funds.

After Isis&#39s money markets fund, which took in £901.5m, the next top seller was Scottish Mutual&#39s growth fund with sales of £866.7m.

Third was Halifax&#39s UK corporate bond fund with sales of £650m. However, few funds saw their assets under management increase, with even the UK&#39s biggest fund – the Standard Life international fund – plunging to £3.46bn from £5.99bn in 2001.

Invesco Perpetual&#39s highincome fund, managed by Neil Woodford, also saw a fall in assets to £2.28bn from £2.48bn despite gross sales of £270m.

The review also shows that fund manager moves continued apace last year. Sixty-five per cent of managers have been managing their funds for no more than three years, the same number as in 2001, but the number of managers who have been in charge of the same fund for at least 15 years fell to 1 per cent from 5 per cent.

David Aaron Partnership senior consultant Jason Bevan says: “Investors always go for funds once the horse has bolted, which is shown by the fact that cash and bond funds are still outselling equity funds. I think next year&#39s review will show the same thing.”


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