Unit trusts drop 261m pounds in September
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.UNIT TRUSTS suffered net disinvestment of pounds 261m in September, a move that the Unit Trust Association blamed on 'technical' factors including a life insurance company switching pounds 500m into direct equity investment, writes Paul Durman.
The UTA suggested that the 'true' net sales were pounds 259m, a substantial improvement on August's pounds 59m. Private investors accounted for pounds 48m of net new investment, with the remainder coming from institutions.
The figures reveal the continuing surge in investment in unit trusts through the tax shelter of personal equity plans. Net sales of unit trust PEPs in the third quarter amounted to pounds 319m, more than twice last year's pounds 141m. PEP investment has traditionally been concentrated in the first half of the year, but the Government's lifting of the amount that PEPs can invest in unit trusts has transformed the market.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments