Skandia reports 25% drop in unit trust and mutual fund sales

Skandia's sales of unit trusts and mutual funds in the UK and offshore fell by a quarter over the yea...

Skandia's sales of unit trusts and mutual funds in the UK and offshore fell by a quarter over the year to 31 December 2008 dropping to £1.715bn from £2.275bn. The company says the drop is a result of one of the lowest ISA seasons on record for the whole industry and also reflects turbulent market conditions. Total life assurance sales also fell 19% to £596m across Europe with UK sales falling 28% to £335m. Skandia says the relative decline in sales was largely due to a reduced demand for unit-linked products, especially bonds and single premium pensions. Despite reporting net inflows ...