BlackRock retook the top spot for gross and net fund sales in Q2 for the first time in almost two years, according to the latest Pridham Report.
The report found although markets were less volatile in the second quarter of 2023, gross fund sales still didn't hit pre-2022 levels.
Anna Pridham, editor of the report which monitors fund managers’ quarterly fund flows, said: “There were mixed results in the second quarter. Among the top 10 leading fund groups, roughly half saw their sales decline, while of those that reported
a rise in new business, two experienced their highest quarterly gross sales on record.”
Despite retail sales at BlackRock being flat its net inflow was boosted by lower redemptions.
This helped it reach the top of the sales chart for the first time since the third quarter of 2021.
The report also showed Legal & General had its highest ever quarterly gross inflow. It came second in the top 10 for gross retail sales and sat at number five for net retail sales.
Rathbones was a newcomer to the top 10 for gross sales at number four after it saw record inflows in the second quarter.
The report said there was consistent demand for its best-selling bond and equity funds; Rathbone Ethical Bond and Rathbone Global Opportunities but the largest flows went into its Strategic Growth Portfolio.
Another new addition to the leaderboard was Hargreaves Lansdown, which moved into ninth position for net sales.
M&G, which ranked second for net sales and sixth for gross sales, had its best quarter for net inflows.
As inflation continues to rise and house prices take a hit, fixed income funds saw the highest net sales this quarter, according to the Investment Association’s figures, whereas equity funds suffered a sixth consecutive quarter of outflows.
tara.o'connor@ft.com
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
