Standard Life Investments’ (SLI) giant Global Absolute Return Strategies fund and its growing MyFolio multi-asset range helped it dominate net fund flows in 2013, according to the latest Pridham Report.
The quarterly report into fund groups’ inflows showed that SLI saw net retail inflows of £3.5bn during the year, nearly double the second-best figure of £1.8bn posted by Old Mutual Global Investors (OMGI).
The report also noted that, while the two UK’s biggest asset managers M&G and Invesco Perpetual saw the most new money invested into their product ranges, this was almost completely offset by outflows as neither firm ranked in the top 10 for net flows.
OMGI’s hire of Richard Buxton from Schroders in March 2013 helped it register the second highest net inflows, while Henderson Global Investors also notched up more than £1bn in net retail inflows.
Helen Pridham, author of the report, said Henderson was “finally back on form” after several years of adjustments following the acquisitions of New Star Asset Management and Gartmore.
“Henderson is finally back on form, helped by a resurgent interest among investors in property and European stock markets, which are areas where Henderson is seen as having particular expertise,” Ms Pridham said.
In spite of the departure of Mr Buxton, Schroders managed to retain a position in the top 10 net flows for the year with a strong fourth-quarter showing, helped by its acquisition of Cazenove.
Julie Dean’s £2.8bn Cazenove UK Opportunities fund was the group’s best-seller in spite of Schroders no longer marketing the product in an effort to stem inflows. The report said Schroders had also “benefited from the revival in interest in Japan” with the Schroder Tokyo fund also selling strongly.
|Fund group||Gross retail sales in 2013|
|Standard Life Investments||£7bn|
|Fund group||Net retail sales in 2013|
|Standard Life Investments||£3.5bn|
|Old Mutual Global Investors||£1.8bn|
|Cazenove (H1 only)||£1.2bn|
|Axa Investment Managers||£0.9bn|
|Royal London Asset Management||£0.7bn|
Source: The Pridham Report