Net Isa sales for February were less than half those for the same period last year, according to the...
Net Isa sales for February were less than half those for the same period last year, according to the latest figures from the IMA.
Just £319.3m net of Isa sales went through in February 2002, compared to £646.8m in the same month last year. Gross Isa sales amounted to £450m over the same period, compared to £763m in 2001.
However, the 2002 figures do not take into account an estimated £70m of Isas sold through fund supermarkets, the IMA said. While supermarkets were up and running in 2001, they have grown in popularity with intermediaries over the past year. In addition, the February figures represent the highest monthly sales since August 2001.
Total retail fund sales were £2.3bn for February 2002, compared to £2.4bn for the same period in 2001. Independent advisers sold more than two- thirds of investments in unit trusts and Oeics in February but just 35% of Isas, with sales forces and tied agents accounting for 35% and 27% respectively.
Private investors continue to favour income-oriented funds, the IMA said, with UK corporate bond and UK equity income the strongest sellers.
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