Fidelity saw the highest level of net retail sales in the UK in the third quarter this year, though the amount invested in the company's funds halved.
The group saw £513mn invested in the most recent quarter, compared with £1bn in the second quarter of the year and £1.6bn in the first, according to The Pridham Report.
Of the top 10 asset managers by net retail sales, Legal and General Investment Management and HSBC Asset Management held their positions in the top three, with L&G receiving £487mn and HSBC taking in £383mn.
The third quarter of the year saw an overall decrease in sales of UK funds, according to the report.
BlackRock topped the leaderboard of managers by gross retail sales for another quarter, though the gross figure had dropped from £9bn to £5.8bn.
L&G and Fidelity were also in the top three for gross sales, with £3.6bn apiece.
Co-editor of the Pridham report, Anna Pridham, said gross sales show the “true picture” of which groups are attracting new business in difficult market conditions.
“Fund managers with a strong brand and diverse product line-up continue to see inflows from retail savers that are focused on the long term," she said.
Platform purchases
Meanwhile, Fundsmith Equity was the most-bought investment fund on Interactive Investor’s platform in October, with the Scottish Mortgage Investment Trust the top trust.
The top 10 fund purchases were dominated by Vanguard’s passive offering, occupying second to seventh place.
Most bought funds and trusts on II's platform
Position | Fund | Investment trust |
1 | Fundsmith Equity | Scottish Mortgage Investment Trust |
2 | Vanguard Lifestrategy 80% Equity | City Of London Investment Trust |
3 | Vanguard Lifestrategy 100% Equity | Greencoat UK Wind |
4 | Vanguard Ftse Global All Cap Index | The Renewables Infa |
5 | Vanguard Us Equity Index | F&C Investment Trust |
6 | Vanguard Lifestrategy 60% Equity | Primary Health Prop |
7 | Vanguard FTSE Developed World Ex UK Equity | Henderson Fe Inc |
8 | Royal London Real Short Term Money Market | JP Morgan Global Growth |
9 | Legal And General Global Tech Index | Alliance Trust |
10 | HSBC FTSE All World Index | Ruffer Investment |
Source: Interactive Investor
Royal London’s short term money market fund entered the top 10, which Interactive Investor said could be a reflection of the rising interest rate environment.
“Money market funds offer a return on cash, which increases as interest rates rise,” said Kyle Caldwell, collectives specialist at Interactive Investor.
“Investment trust investors have still been on the hunt for income, with four of the five new entries to our top 10 most-purchased investment trust table in October having an income focus,” he added.
sally.hickey@ft.com
