BlackRock and Woodford top Pridham Report

Neil Woodford’s new firm Woodford Investment Management has seen the second highest level of net UK retail inflows in the second quarter of this year according to the Pridham Report.

The world’s largest fund house BlackRock took the top spot for both gross and net retail sales over the second quarter of 2014, the report says, with inflows totalling approximately £3.4bn and £2bn respectively.

Over 90 per cent of inflows at BlackRock over the period came from bulk purchases of the firm’s tracker funds, the report adds.

Woodford Investment management proved the second best selling fund group according to estimated inflows of approximately £1.6bn calculated by the report.

The Pridham Report editor Helen Pridham says the inclusion of Woodford IM as well as veteran investor Terry Smith’s firm Fundsmith, which saw its net sales more than double over the period, counteracts the trend towards consolidation in the industry.

She says: “The success of Woodford Investment Management and Fundsmith, along with other small independent managers, demonstrates that there is still plenty of room in the UK market despite all the talk of concentration in recent years.’

Scottish Widows Investment Partnership also appeared in the top 10 fund groups for net retail sales following what the Pridham Report describes as a “major surge in sales recently”.

Notably Aberdeen Asset Management, which recently acquired SWIP, does not feature in the Pridham Report’s best selling groups.

Elsewhere a 29 per cent increase in net retail sales quarter-on-quarter saw Henderson Global Investors take third place in the top ten managers by net retail sales in the second quarter.