credit suisse, liontrust and new star top players as most groups see sales down 50% on 2002
Credit Suisse, Liontrust and New Star are three of the top players in this year's Isa season, as the majority of groups reported sales for the 2003 are more than 50% off 2002 figures.
Income and managed portfolios from the three groups were among the big sellers in a market which has seen the majority of assets come in via transfers.
From 1 January to 26 March 2003, Credit Suisse has taken in an estimated £200m gross including sales via fund supermarkets.
Credit Suisse's Isa sales for the last three months have been up around 5% on last year, bucking the industry-wide downward trend. Managing director Ian Chimes pointed to a large increase in transfer business, up to around 60% from 15% last year and noted flows were almost exclusively into its income funds run by Bill Mott and Leigh Harrison.
New Star, which launched its Managed Distribution fund in time for the season, said prior to February it was taking in an average of £0.25m to £0.5m of Isa money a day moving to £1m a day in February and £3m a day in recent weeks.
Liontrust, popular for Jeremy Lang's First Income portfolio, has been identified as a top player by some intermediaries. The group said it has taken in £15.3m net in Isas over the 2002/2003 tax year, with £2.2m net over the three months to the end of March. These figures do not include sales via fund supermarkets.
Previous year's headliners, such as Fidelity, Jupiter and M&G, all noted sales were well down on last year's figures but declined to estimate the intake this year.
In the run up to the end of the last Isa season, Jupiter reported it had raised £340m between January and 4 April 2002.
This year, Jupiter has said it cannot give out its Isa sales figures at this point, but Gordon Davidson, joint managing director, said they are significantly less than the reported 50% industry sales decline.
M&G noted its parent company Prudential was in a 'closed period' and could not discuss its sales figures but claimed its IFA market share increased by 40% in February.
Fidelity, which said it took £470m gross between January and April 2002, declined this year to give actual figures but said it had taken in a higher amount of transfer and consolidation business this year, but a lower proportion of cash business. The group's director of IFA sales, Stuart Holah, said Fidelity's funds supermarket FundsNetwork experienced a similar shift.
Rival supermarket Cofunds said inflows were up in the first quarter of 2003 year-on-year, but this was due to higher transfers, now making up around 80% of inflows. Combined net inflows were up 50% in February year-on-year, it claimed
Threadneedle and Barings said sales have been around the same levels as last year while Rathbones has reported sales down 37% year-on-year.
DWS Investments, Investec and Gartmore said their Isa sales were down 10% gross year-on-year, Framlington commented its figures were 25% down over 2002 sales and Edinburgh Fund Managers estimated business was down 20% on last year's figures.
Insight Investment declined to disclose exact sales figures for its first Isa season but noted sales had been around 50% of what the group had expected in its business plan.
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From 1 March