Net retail sales down a third in UK

Mixed-chartNet retail sales of funds in the UK dropped by more than a third in 2011 to £18 billion (€22 billion), while funds under management declined 3% to £571 billion, according to the Investment Management Association (IMA). But despite the falls, net retail sales still beat the average of £13.8 billion from the past ten years. Richard Saunders, chief executive of the IMA, described 2011 as “a year of two halves”. Net sales in the first six months were nearly £14 billion, in line with the previous year, but fell away in the second half. Funds which split their investment between equities and bonds, balanced funds, gained £5.6 billion of new money. Bond funds gained £4.5 billion and equity funds £3 billion. “The first six months saw a continuation of the very strong sales of 2009 and 2010, but investors turned much more cautious in the second half of the year, perhaps unsettled by the eurozone crisis,” said Saunders. ©2012 funds europe

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