Net retail sales of open-ended investment companies (Oeics) and unit trusts of £833.5m were 74% up on November. They were also over three times as high as the level of sales in December 2002.
The most popular sectors among private investors were UK All Companies followed by UK Corporate Bond. UK Smaller Companies and UK Equity and Bond Income were the worst selling sectors.
Overall net retail sales in 2003, at almost £8 billion, were 5% up on the previous year. Fund sales started the year badly – reflecting poor stockmarket performance – but rebounded after markets started to recover.
Over the year 57% of net retail sale
s were in bond funds – reflecting the relatively pessimistic mood earlier in 2003 - while only 26% were in UK equity (shares) and 8% were in global equity. This break-down was in contrast to total assets under management with 74% in equity funds and only 16% in bond funds at the end of 2003.
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