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Unit trust record as sales top US$1.9b

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Rebounding popularity of Hong Kong and single country Asian funds resulted in record gross and net sales of unit trusts during the first quarter, the Hong Kong Investment Funds Association (IFA) announced yesterday.

Gross sales topped US$1.9 billion - a rise of 56 per cent compared with the same period last year - while net sales jumped to a record high of $667 million.

Redemptions totalling $1.2 billion were the highest since the first quarter of 1994.

Hong Kong and single Asian country funds accounted for more than 74 per cent of net inflows and 44 per cent of gross sales during the first quarter.

While the figures are meant to reflect the activity of Hong Kong retail investors it is generally understood that institutional and overseas sales are included in some members estimates.

Major houses, such as Jardine Fleming and Schroder Investments, said that local demand for Greater China Funds - those investing in mainland, Hong Kong and Taiwanese stocks - posted the biggest demand.

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