Retail sales of UK-domiciled funds run by top managers remained positive in the second quarter of this year, despite challenging financial conditions, according to the Pridham Report.
The report found that Blackrock and Fidelity have remain on top for top gross retail sales and net retail sales respectively, with Fidelity also maintaining its second place in gross retail sales, partially due to the strong performance of its Index World and Global Dividend funds.
However, while April saw positive retail flows overall due to ISA season, many managers experienced a spike in outflows throughout May and June.
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Despite this, demand for passives has continued to increase, with Blackrock seeing a 20% increase in gross sales compared to last quarter, now sitting at over £9bn. LGIM and HSBC Asset Management also saw strong flows into their passive funds, sitting in third and fourth place respectively in gross retail sales.
The report also saw Jupiter re-enter the top ten for gross sales, reaching ninth place at £1.6bn for the quarter, with the firm's Asian Income fund and Strategic Bond fund doing particularly well.
Asset managers entering the top ten for net retail sales included EdenTree, Franklin Templeton and Man GLG, with the former seeing record inflows to its Responsible and Sustainable Short Dated Bond fund, as investors continue to reduce their interest rate exposure.
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Allianz Global Investors took the number five spot, at £243m, re-entering thanks to its strong flows in its equity products.
Anna Pridham, co-editor of The Pridham Report, said: "The many headwinds facing financial markets weighed heavily on investor sentiment this quarter. However, with valuations of risk assets now at more attractive levels, many investors continue to put their faith in funds for their long-term savings."
