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BlackRock Sees Highest UK Gross Retail Sales For The Tenth Year


BlackRock has topped the table for the highest gross retail sales in the UK for the tenth consecutive year, as the funds industry rebounded from the lows of 2022.

The latest Pridham Report shows BlackRock accruing gross sales of £30.2bn over the 12 months of 2023, translating to £6.4bn of net sales, also the year’s highest net figure.

Legal & General Investment Management (LGIM) recorded a 26% uptick on 2022’s gross figures for £20.6bn, reflecting the wider trend of assets returning to the UK funds industry. Fidelity followed with £15.2bn. Next came HSBC Asset Management (HSBC AM), with £13bn gross inflows.

Among these four groups, 71% of new flows headed into passive funds.

Despite LGIM and Fidelity’s strong performance on a gross basis, the pair slipped down the rankings on a net basis, with LGIM dropping one place to third, while Fidelity could only manage eighth place on a net basis.

HSBC AM proved to have stickier assets, taking the second spot with £4.1bn of net assets, while Royal London Asset Management (RLAM) and Rathbones completed the remaining top-five spots.

RLAM was the top-ranked active manager across both gross and net sales, although the destination of these funds has shifted of late, with previous years witnessing the highest inflows into sustainable funds. Whereas, in 2023, the highest flows were funnelled to short-dated fixed income and money market vehicles.