Fidelity’s equity funds saw a gross sales rise of 60 per cent in the first three months of the year.
The fund house saw the highest net retail sales in the first quarter this year, with £1.6bn invested, according to the Pridham Report.
The group also saw the second highest amount of gross sales, with £4.7bn sold in the three months to March 31.
In contrast Fidelity saw the ninth highest levels of net retail sales in 2021, according to the report, with just £1bn invested.
BlackRock had the highest gross sales in the quarter, with £7bn invested, and was second to Fidelity with £870mn in net sales.
Top ten managers by net retail sales
Fund House | Net retail sales in Q1 |
Fidelity | £1.6bn |
BlackRock | £870mn |
HSBC Asset Management | £843mn |
Legal & General IM | £550mn |
Royal London Asset Management | £391mn |
Aegon AM | £348mn |
BMO Global Asset Managment | £215mn |
JP Morgan AM | £194mn |
Abrdn | £83mn |
Rathbones | £82mn |
Source: Pridham Report
HSBC Asset Management and Legal and General Investment Management were in third and fourth place respectively for net retail sales, followed by Royal London Asset Management and Aegon.
Paula Pridham, deputy editor of the Pridham Report says “Despite interest rates being at a 13 year high, investing in funds with a strong track record remains an attractive proposition for long term investors against a backdrop of increasing inflation and the war in Ukraine.
“However, some managers will continue to feel the effect of the squeeze on household finances.”
Nearly £7bn was withdrawn from UK funds in the first quarter this year, according to the Investment Association, as the outbreak of war in Ukraine and rising interest rates shook markets.
Top ten managers by gross retail sales
Fund House | Gross retail sales in Q1 |
BlackRock | £7bn |
Fidelity | £4.7bn |
Legal & General IM | £4.1bn |
HSBC Asset Management | £3bn |
Royal London Asset Management | £2.4bn |
Liontrust | £2bn |
JP Morgan AM | £2bn |
Baillie Gifford | £2bn |
Schroders | £1.9bn |
Fundsmith | £1.6bn |
Source: Pridham Report
JP Morgan Asset Management saw £194mn in net sales for the quarter, boosted by investor demand for North American equities, according to the Pridham Report.
The group’s offshore JPM America Equity fund and onshore US Equity Income Fund were two of its top selling funds for the quarter.
Passive fund house Vanguard does not provide its data to the report.
sally.hickey@ft.com
