The Investment Management Association (IMA) has revealed that 360.7 billion in funds was under management in December.
Despite representing 7% on November’s figures, this is a drop of 23% on December 2007 when 467.9 billion was under fund management in the UK.
Overseas funds also fell over the past 12 months. By the end of 2008, overseas managed funds contained 16.1 billion, down from 18 billion for the same period in the previous year.
According to Richard Saunders, chief executive of the IMA, 2008 was a “torrid year” for fund investors.
“This is reflected in the wide swings in net sales experienced during the year,” says Richard Saunders. “At different points, investors were putting money into different asset classes, seeking the best investment opportunities.”
“2008 ended on a positive note with healthy inflows in both November and December as investors started to put money into both equities and bonds”.
L.D.