Total unit trust and Oeic funds under management in the UK grew to £262bn after the industry's best ...
Total unit trust and Oeic funds under management in the UK grew to £262bn after the industry's best ever month sales in March.
Sales during the last full month of Isa sales amounted to £8.2bn, an increase of 28% on last year's £6.4bn. Non-Isa or Pep business accounted for almost half retail gross sales.
According to Autif, most inflows and outflows of retail business in March occurred in the Europe ex UK and UK All Companies sectors. Technology funds also attracted a significant proportion of inward investment with net sales of more than £725m going into the specialist sector, compared with £735m into the far larger UK All Companies peer group.
The worst selling funds were UK equity income, where net retail funds of £79m were removed, and the guaranteed protected funds, which had a loss in net sales of £15.6m.
The number of Oeic providers has also increased over 1999. Last year there were 20 providers managing 161 sub-funds, with assets of £18.9bn, which at the time represented 9% of the industry's funds under management. There are now 38 providers with Oeics, managing 316 sub funds, with assets of £51.6bn, which represents 20% of the industry's funds under management.
Regardless of the increase in market volatility, Isa investors were not deterred with sales gaining momentum as they approached the end of their first tax year, according to Autif.
March Isa sales figures of £2.4bn were more than double those of February, however, Pep sales in March 1999 were £3.2bn. Total Isa funds under management stood at £10.8bn at the end of March 2000.
Anne McMeehan, director of communications at Autif, said: "Both sales and repurchase levels for the last March were unusually high. This suggests investors were not merely seeking to crystallise what for many of them would have been quite substantial capital gains, but reorganising their investment portfolios."