Investments  

Fidelity tops active fund sales

Fidelity tops active fund sales

Fidelity sold more active funds than any other fundhouse in the UK retail market in the three months to the end of June 2019, according to the Pridham Report. 

Fidelity derived about £1.86bn of its £2.8bn of total gross sales in the period from actively managed products, according to the quarterly report from consultancy Pridham & Pridham.

Meanwhile Blackrock topped the sales charts on passive investment products with net retail sales of £1.2bn in the three month period.

The report showed that Blackrock, which derived the majority of its sales from its passive investment products, topped both the gross and net sales charts overall during the period.

HSBC Asset Management and Legal and General Investment Management were second and fourth in terms of gross sales, with the majority of their inflows coming from passive investment products, and Fidelity was in third place.

Royal London had the second highest level of net sales, with £913.5m of net new business.

This was driven by inflows into its Royal London Cash Plus fund, which invests in cash and very short dated bonds, to achieve a return that is slightly above that of cash, with only slightly more risk.

Bond funds and the Royal London UK Equity Income fund were also significant contributors. 

HSBC Global Asset Management featured in third place on net sales with sales of £885.7m.

Liontrust, which came in sixth place on net sales, attracted net inflows of £636m, boosted by sales of its sustainable investment products and bond funds, both of which were launched following external hires by the firm. 

Helen Pridham, who compiled the research said: “Managers now have to demonstrate not only good performance but also that they have strong investment processes and risk controls in place to avoid a repetition of the Woodford scandal.”

Top ten managers by gross retail sales in Q2 2019 (£m)

 

Top ten managers by net retail sales in Q2 2019 (£m)

 

 

 

 

 

 

 

1

BlackRock

£5,444.70

 

1

BlackRock

£1,213.10

2

Legal & General IM

£3,004.30

 

2

Royal London Asset Mgmt

£913.50

3

Fidelity

£2,823.20

 

3

HSBC Global Asset Mgmt

£885.70

4

HSBC Global Asset Mgmt

£1,899.30

 

4

Legal & General IM

£871.50

5

Royal London Asset Mgmt

£1,704.20

 

5

Fundsmith

£651.20

6

Baillie Gifford

£1,587.50

 

6

Liontrust

£636.70

7

JPMorgan

£1,566.10

 

7

Baillie Gifford

£560.20

8

Fundsmith

£1,529.40

 

8

Allianz Global Investors GmbH

£499.80

9

Schroders

£1,519.00

 

9

Fidelity

£347.50

10

Aberdeen Standard

£1,492.80

 

10

Rathbones

£269.40

david.thorpe@ft.com