This chapter fo auses on UK retail in vestor behaviour looking at longand noar-term trandsin net sales to both UK and oversoas domiciled funds.It also examines the factors affocting gro wth in funds undor management.
The imp act and a fterm ath of the pandemic rem ain a focus of our rotail fund market analysis.We pay partioular atten tion to rising in fla tion and the imp act of monetary policy since the GlobalFinancial Crisis on market porformance and fund flows.We also look at a range of long-term trends,ind uding sales to indox trackers and the gro wth of m sponsible and sustainable investment funds This yoarwe have included additio nal analysis on fund markat conoontration and on sales to UKand oversoas fund types as the Broxit transition poriod ends and ove rsoas funds operate under the tompo rary pormissions regime.
Growth in funds under managament followed a broadly upwards trend through 2021,main taining the mo mentum established at the end of 2020 as capital markets surged in the wake of successful Covid-19 va ccin op trial s. Growth in FUM was partiou larly strong, early in the year,driven by a combination of asset appreciation and strong sa les.Economic m-opening following vaccine rollouts triggared a ‘bounce-back’effect on the major stock markots as proviously restricted economic activity msume d,boosting asset valuations.At the same time,savers looked to doploy cocess savings accumulated through lockdown.The rate of FUM growth slo wad towards the end of 2021 as concerns be gan to mount ove rrising infla tion and as supply chains and logistics op era tions struggled to koop up with rabounding aconomic activity,waa kening asset valuations(see Chart 38).
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