Isa funds reach a new high

Isa funds under management have reached their highest level since being introduced in 1999, according to the latest IMA fund statistics.

At £26.5bn, funds under management have increased 2.6% from May last year, where the total stood at £25.9bn. In April this year, the figure was £25.1bn.

However, while the amount of funds in Isas has grown, net Isa sales were down 22% in May compared to the same month last year, from £459m to £357m.

Net retail sales have also seen a year-on-year decline, dropping from £834m to £742m, with the most popular retail sectors continuing to be UK Corporate Bonds and UK All Companies. The worst selling sectors in net retail terms were Europe ex-UK and Global Growth.

Intermediaries continued to be the most popular channel for retail gross sales, accounting for 63% of all sales in May.

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