Net fund sales slumped by 41% during the third quarter, compared with the previous quarter, dropping to £2bn.
Fundscape's Q3 Distribution Report has just been published. Overall, it was a difficult third quarter for fund distribution. Gross sales totalled £22.1bn and were down 5% on the previous quarter and also on the same period in 2011. but highlighting the lack of sticky business was the fact that net sales fell 41% to £2bn. The press release is available here.
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The third quarter of 2012 served up mixed fortunes for the fund industry. Poor investor sentiment in the early summer contributed to lower sales and led to a dismal August with the lowest net retail sales since October 2008. Flows improved in September on the back of rising stock markets but fund managers report an increasingly distracted adviser community as the RDR deadline approaches. To read the rest of this press release, click here.
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