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Unit trust surge for Swip and Invesco

Swip/Hill Samuel topped the chart with 424m in net retail sales followed by Invesco Perpetual which sold 298m net, thanks to strong sales of Neil Woodford’s UK equity income funds. Newton’s higher-income fund and New Star’s property fund also sold strongly, achieving net retail sales of 245m and 224m respectively. Fidelity special situations, Artemis income, Norwich Union property and Jupiter’s income fund were the strongest sellers for their firms.

A Jupiter spokesman would not discuss the report directly but says sales of Tony Nutt’s income fund had been jostling with its Merlin multi-manager range for top position this year. Investec continued its strong growth in the retail arena with net sales of 198m.

Investec chief executive David Aird says he is pleased with sales of the firm’s cautious managed product.

Gartmore suffered net outflows of 190m although its European select oppor- tunities fund was its best seller and also its most red-eemed fund.

The 1.5bn fund is up by 50 per cent over three years and the firm’s net outflows represent 2.7 per cent of its 6.8bn assets under management.

Liontrust suffered net retail outflows of 54.8m following relatively poor performance of one of its key managers, Jeremy Lang. Liontrust was unavailable for comment but Lang is understood to expect performance to improve.

Invesco Perpetual chief executive Bob Yerbury says: “I am really pleased with these numbers because this is not 1999. Investors are cautiously dusting off their chequebooks, having been relatively bloodied in the bear market, and our strong presence in UK equity income and corporate bond market has sustained our momentum into the summer.”

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