Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

UK equity income soars ahead as the Woodford effect boosts sales

UK equity income soars ahead as the Woodford effect boosts sales

UK Equity Income was the best selling fund class in July with net sales of more than £1 billion, as Neil Woodford's equity income juggernaut continued to attract assets.

Woodford (pictured) set up his own firm earlier this year, attracting £1.6 billion of assets during its offer period in June, while several large groups have announced they are switching to his fund in lieu of their existing UK Equity Income fund holdings.

The asset class outsold its rivals for the sixteenth month in a row, according to figures released by the Investment Management Association (IMA), dwarfing the £390 million brought in by the second-placed Mixed Asset sector. Property was the third highest seller, bringing in £304 million.

Regionally, the UK also triumphed, with sales of £678 million, while Asian equity funds saw a revival, bringing in £203 milliom, that region's highest sales since January 2013.

However, North America funds saw outflows of £30 million, having averaged sales of just £1 million per month for the previous year, while European funds suffered outflows of £48 million, after bringing in £203 million on average during the previous 12 months. 

The worst selling sector overall was the UK All Companies sector for the second month in a row, with a net retail outflow of £230 million.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter