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IMA stats show 38.5% sales drop in 2011
Net retail sales of IMA funds fell by 38.5 per cent during 2011, according to the latest IMA statistics.
Retail sales totalled £18bn for 2011, compared with the £29.3bn of sales in 2010. Total IMA funds under management also fell during the year from £586.5bn to £571bn.
The IMA Cautious Managed sector - recently renamed as the Mixed Investment 20-60% Shares sector - was the top selling sector during 2011 with £3.4bn of net inflows. The Sterling Strategic Bond sector was the second most popular with £2.8bn of new money in 2011.
Equity sectors led the outflows, with the Europe ex UK sector seeing £679m exit. The Asia Pacific ex Japan sector lost £320m, and the European Smaller Companies sector saw outflows of £319m.
IMA chief executive Richard Saunders said: “The first six months of 2011 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.
“This caution was reflected also in asset choices, with some outflow from equity funds in the second half, and money going instead into bond funds and balanced funds.”
These falls are in spite of a £666m net inflow into retail funds during December, led by the Sterling Corporate Bond sector and Cautious Managed sector.
Sales of offshore funds rose to the highest level on record during the year, bringing in £1.7bn in new money. Offshore-domiciled funds listed with the IMA now have £32.3bn under management.
