Standard Life Investment has its 2Q net sales up 11-fold |
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Tue, 15 Aug 2006 11:45
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LONDON: Standard Life Investments said Monday its net sales of mutual funds had seen an 11-fold rise in the second quarter to 350.8 million pounds compared to the corresponding quarter in 2005 at 31.2 million pounds.
The mutual's gross sales rose by 270 per cent to 463 million pounds from 125 million pounds. This is comparable with an industry average of 38 per cent growth.
The firm attributed much of its performance to its popular funds, including Select Property, U.K. Equity High Income, U.K. Opportunities and Corporate Bond. Its new Select Property fund brought in 235 million pounds, the firm said.
Jacqueline Kerr, the firm's head of mutual fund investments, said sales are driven by performance and the fact that four out of five of its top-selling funds have produced top quartile performance over the last year, and that the U.K. Equity High Income and U.K. Opportunities funds have produced top decile performance over two and three years, has clearly been recognised by investors.
Standard Life had said earlier that its net investment product inflows had gone up from 2.6 billion pounds to 3.1 billion pounds.
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