Equity bulls shrug off difficult Q3

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This quarter has been a tough one for the fund management industry as continuing uncertainty over the eurozone debt crisis hit sales and dragged down assets under management.

The FTSE 100 fell 13.7% during the quarter with assets under administration dropping by 2.3% to £163.9bn over the period across the platforms, according to figures from Fundscape.   Despite the summer of discontent, gross sales were marginally up on the previous quarter (1.4%) at £12.3bn, but net sales dropped by 0.7% to £7.5bn, as advisers and investors switched to safe havens and defensive products. M&G reaped the rewards of the flight to safety retaining the top position in the retail sales chart for the 12th quarter running. Its bond funds struck the right chord with investors, ...

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