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
Brewin's Gutteridge: bonds with Ian Spreadbury

Brewin's Gutteridge: bonds with Ian Spreadbury

This week Brewin Dolphin's research head chats to Fidelity's Ian Spreadbury about the recent behaviour of interest rates and credit spreads.

Play Can tech advances explain the UK productivity puzzle?

Can tech advances explain the UK productivity puzzle?

Much of the productivity puzzle of the last eight years may be explained by a failure to capture new tech

Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Your Business: Cover Star Club

Small is beautiful: wealth firms still see value in less rich

Small is beautiful: wealth firms still see value in less rich

Latest statistics from findawealthmanager.com show that there are many firms who still service smaller clients.

Wealth Manager on Twitter