June Isa sales fell by another quarter - IMA

Although overall investment funds under management climbed another 2% to £250bn compared with May, net Isa sales dropped 26% to £123m between May and June, says the Investment Management Association, taking the net fall on the year to 58%. Total net retail sales of £159m in June this year are a long way behind the £870m of June 2003, though up on May’s £92m. There were just 1.6m regular savings plans in the market in Q2, continues the IMA – 30,000 less than the first quarter of 2004 and just 1.3m Isas compared with 1.4m in Q1 and 1.5m Isas last year, says Richard Saunders, IMA chief e...