Collective Investments - UK - July 2010
2009 was a much better one for the investment management industry. Demand for unit trust and OEICs picked up strongly during the second half, with gross retail sales for the whole year up by nearly a quarter. Funds under management rose by a third during 2009, reflecting an improvement in global stock markets and renewed investor confidence. The investment trust sector similarly managed strong growth in total assets under management and market capitalisation.
- A fresh wave of volatility during the second quarter of 2010 has undermined the recent recovery in the global stockmarkets, which had led to a strong increase in retail unit trust and OEIC sales in 2009.
- Intermediaries dominate the sale of unit trusts and OEICs, but are accused of “overlooking” investment trusts. RDR changes should address this and create a more level playing field.
- Collective investments are held by 6% of UK adults – although the proportion is higher since collectives represent nearly three quarters of the funds held in equity ISAs and 14% of UK adults have one of these.
- The typical ‘collective investor’ is a male AB, who is either approaching or already in retirement. There is significant scope to improve take-up among women and the younger age groups.
- Most people have a definitive reason to save or invest, the most common of which is to ensure their own financial security by building up a ‘rainy day’ or emergency fund (51%).
- There are significant professional advice gaps in this market, with almost a quarter (24%) of collective investors saying that they rarely or never take expert advice and a fifth (19%) wary of doing so.
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