Industry, retail and ISA sales figures all fell in March compared to the same month one year ago, ac...
Industry, retail and ISA sales figures all fell in March compared to the same month one year ago, according to the latest numbers from the Investment Management Association.
The key ISA sales figures were significantly down, putting in black and white what many suspected from anecdotal evidence.
Net ISA sales fell by half to £411m from £839m.
Intermediaries and direct sales each accounted for about a quarter of ISA sales, with sales forces and tied agents accounting for the remainder.
That would indicate intermediaries accounted for about £100m in sales, which on commission of, say, 3%, would imply earnings of £3m spread across the industry.
Fixed costs were likely to have been at least as much, indicating what a dire ISA season it has been for the average IFA.
Things have been made worse by the fact 26% of all retail fund sales during the month involved the UK Corporate Bond sector, and 65% of these sales in turn went through the sales forces/direct agents channel, according to the IMA's figures.
Total funds under management have fallen to £187bn from £243bn in March last year, although OEIC funds continue to counter the trend by growing both in number and value.
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