According to figures for November 2006 released by the UK's Investment Management Association on Wednesday, investment funds under management of GBP398 billion in November saw a rise of 1% from October, and were 19% higher than November 2005.
ISA funds under management of GBP50 billion rose 1% from the previous month, and were 17% higher than the previous year.
According to the IMA, net ISA sales of GBP-3.1 million in November were less than the sales of GBP83 million in October and were down GBP82 million from November 2005. The most popular ISA sector in November was the UK All Companies sector, accounting for 26% of gross ISA sales.
Total net sales were GBP632 million with bonds accounting for inflows of GBP407 million. Of the GBP716 million net retail sales, GBP214 million was invested in balanced funds, followed by GBP207 million in bonds.
The most popular sector in November was UK All Companies, representing 21% of gross retail sales. The sector was favoured by intermediaries and accounted for 20% of gross retail business through this channel.
The most popular distribution channel in November was the intermediary channel, representing 81% of gross retail business. Gross ISA sales of GBP257 million from fund supermarkets made them the dominant distributor of ISAs, followed by GBP186 million through sales force/tied agents.
The Specialist sector remained the most popular net retail sector, with inflows of GBP408 million, of which GBP393 million was through the property funds in this sector. The sector with the biggest outflows in November was the Japan sector, with net outflows of GBP133 million.
Commenting on the November figures, Sheila Nicoll, Deputy Chief Executive of the IMA observed that:
"Despite sales of investment funds dipping to the lowest levels for four months in November, net retail sales for 2006 are still on track to reach one of the best years on record."
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