Isa sales topped £1bn in April for the first time since that month last year as investors clamoure...
Isa sales topped £1bn in April for the first time since that month last year as investors clamoured to take advantage of the tax break before the financial year end, according to the IMA.
Gross sales reached £1.3bn, compared to £1.5bn in April 2001. Net sales, at £1.2bn, were 17% down on last year's £1.4bn, helping to push total industry sales for the month up to £5.3bn, a 5% year on year increase.
Direct Isa sales also showed a marked upswing, with some 29% of investors going it alone over the first four months of the year, compared to 24% over the same period in 2001. Some 40% of direct investors preferred tracker funds, although UK All Companies vehicles remain the preferred vehicle. Intermediaries weighed in with 43% of all Isa business in April, while tied sales forces and tied agents brought in 27% of the inflows.
Clare Arber, head of communications at IMA, said: 'The end of the tax year saw a continued improvement in sales relative to last year, with the gap in net retail sales narrowing to less than 20% from some 40% at the turn of the year.'
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