Investment Funds News Funds Under Management Report Record Sales
12 May 2010 / by Lois Avery
Fund of Fund sales have risen by 61 per cent in 2010 according to the Investment Management Association (IMA).
The figures have been released today in the IMAs quarterly statistics for Funds of Funds, Ethical and Tracker funds.
Between January and March, fund of funds had their strongest period since records began, and now account for around £1 in every £10 of gross retail sales.
Assets under management for ethical funds increased year on year by 43 per cent to £5.9 billion and tracker fund assets were up 59 per cent to £29.5 billion. In total all fund sales rose to £510.9 billion in the first quarter compared with £348.9 billion during the same period last year. Although sales of ethical and tracker funds were down sharply.
Total retail sales for funds of funds were up by £798 million on figures for this time last year and tota fund sales soared to £5,502 million compared with £4,121 million in the first quarter of 2009.
Richard Saunders, Chief Executive of the IMA, said: “In the first Quarter, sales of Funds of Funds continued “to be strong, accounting for about £1 in every £10 of gross retail sales.
“Net retail Tracker Fund sales slipped into negative territory again in March, after two years of increasing sales, and Ethical Funds were steady at just under 1% of industry gross sales. Rising markets took all three groups to record levels of funds under management.”
© Fair Investment Company Ltd