Fidelity  

Fidelity back in favour with £1.6bn of retail sales

Fidelity back in favour with £1.6bn of retail sales
Photo: Anna Nekrashevich/Pexels

Fidelity’s equity funds saw a gross sales rise of 60 per cent in the first three months of the year.

The fund house saw the highest net retail sales in the first quarter this year, with £1.6bn invested, according to the Pridham Report.

The group also saw the second highest amount of gross sales, with £4.7bn sold in the three months to March 31.

In contrast Fidelity saw the ninth highest levels of net retail sales in 2021, according to the report, with just £1bn invested.

BlackRock had the highest gross sales in the quarter, with £7bn invested, and was second to Fidelity with £870mn in net sales.

Top ten managers by net retail sales 

Fund House

Net retail sales in Q1

Fidelity

£1.6bn

BlackRock

£870mn

HSBC Asset Management

£843mn

Legal & General IM

£550mn

Royal London Asset Management

£391mn

Aegon AM

£348mn

BMO Global Asset Managment

£215mn

JP Morgan AM

£194mn

Abrdn

£83mn

Rathbones

£82mn

Source: Pridham Report

HSBC Asset Management and Legal and General Investment Management were in third and fourth place respectively for net retail sales, followed by Royal London Asset Management and Aegon.

Paula Pridham, deputy editor of the Pridham Report says “Despite interest rates being at a 13 year high, investing in funds with a strong track record remains an attractive proposition for long term investors against a backdrop of increasing inflation and the war in Ukraine. 

“However, some managers will continue to feel the effect of the squeeze on household finances.” 

Nearly £7bn was withdrawn from UK funds in the first quarter this year, according to the Investment Association, as the outbreak of war in Ukraine and rising interest rates shook markets.

Top ten managers by gross retail sales 

Fund House

Gross retail sales in Q1

BlackRock

£7bn

Fidelity

£4.7bn

Legal & General IM

£4.1bn

HSBC Asset Management

£3bn

Royal London Asset Management

£2.4bn

Liontrust

£2bn

JP Morgan AM

£2bn

Baillie Gifford

£2bn

Schroders

£1.9bn

Fundsmith

£1.6bn

Source: Pridham Report

JP Morgan Asset Management saw £194mn in net sales for the quarter, boosted by investor demand for North American equities, according to the Pridham Report.

The group’s offshore JPM America Equity fund and onshore US Equity Income Fund were two of its top selling funds for the quarter. 

Passive fund house Vanguard does not provide its data to the report.

sally.hickey@ft.com