August Isa sales fall 18% year on year

Net Isa sales were down 18% for August 2002 compared to the same period last year, according to statistics from the IMA. Net Isa sales totalled £272.8m, compared to sales of £331.4m in August last year and £284.4m last month. Total funds under management have fallen 13.5% from £239.5bn in August last year to £207.2bn in August this year. Gross retail sales were marginally up on last year's figures, rising from £2.02bn to £2.06bn, but total gross sales were down to £3.4bn from £3.6bn.