Isa sales vastly improved in April compared with the previous month to rise by almost a third, but total funds under management are struggling to hold their ground as a result of lower institutional sales.
Net Isa sales rose by 32% in April to £586m compared with £445.4m in March, pulling Isa sales back to levels seen in April 2004, and the number of Isa accounts now held also increased to April 2004 levels from 8.31m to 8.38m accounts. That said, overall funds under management in the UK fell 2% to £277bn from £283bn the previous month, in part because gross institutional sales were much lower than the previous month, dropping almost £1bn to £1.87bn. Most popular Isa investment and retail selection in April was UK All Companies, as this accounted for 27% of gross Isa sales and 26% of gr...
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