UK - Purchasers of variable annuities may have borne the brunt of losses out of the US market timing scandals, according to data from Lipper.
Looking at churn rates, redemptions as a percentage of average net assets, several funds registered over 1000%, suggesting that rapid market timing trades were rampant.
The weighted average churn rate on some 2,000 funds tracked by Lipper was just 44%.
A further indicator is redemptions as a percentage of sales, which at 100% suggests a number of round turns of sales and purchases, said Lipper senior research analyst, Don Cassidy.
While more difficult to enter, variable annuities tend to be particularly attractive to market timers because they have tax-deferred investment privileges.
Cassidy also noted that some of the funds with high churn rates are indeed quite small which means that the trading costs are concentrated on fewer investors.
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