Fund sales hit 2012 low - IMA

Sales of UK-listed funds have fallen to their lowest level this year, the Investment Management Association (IMA) has revealed.

Its latest statistics - covering sales in June - reveal net retail sales have fallen to £820m. This is also well below the average of £1.2m for the previous 12 months. However, net retail sales in the first half of 2012 were up on the previous six-months, near-doubling from £4.4bn to £8.1bn. Overall funds under management have fallen by £6bn in the last 12 months, from £604bn in June 2011 to £598bn in June this year. IMA chief executive Richard Saunders (pictured) said the first six months had seen sales 'steady' after a tough second half in 2011. "In the first six months of 201...