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Institutional investors boost UK fund sales

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Institutional investors played a major role in boosting UK fund sales in the second quarter, a report by Lipper FMI shows.

Gross sales topped GBP49bn — their highest record ever — thanks to a doubling in flows from institutions which contributed GBP24bn to fund managers’ coffers.

But retail investors also proved enthusiastic despite election and economic uncertainty, inputting nearly GBP25bn gross.

Net sales were also chunky, comprising GBP9.7bn in institutional business and GBP5.2bn from retail investors.

Private investors took advantage of the increased Isa allowance for all to shelter capital from increases in the top rates of income and capital gains tax. Isa sales doubled quarter-on-quarter to over GBP2bn.

The largest institutional contribution came from St James’s Place which saw its assets under management shoot up by over GBP4bn following the unitisation of three of its directly invested life and pension funds.

Another major source of institutional business was Aviva Investors’ newly launched Global Fixed Income which attracted GBP1.6bn. Its retail bond fund was also in demand.

At BlackRock, the strong performance of retail “shop window” funds is helping to boost its institutional as well as its private investor business.

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