Retail sales hit £1.5bn

The third quarter as a whole proved a bumper sales period, according to the IMA’s chief executive Richard Saunders, who hailed it the best since 2000. In September investment funds under management were £386bn, compared to £325bn in 2005, and total net industry sales were £2.5bn – almost double the £1.3bn recorded this time last year. Net ISA sales were at £49m in September, a rise of £2m on the £47m sales in September 2005 but down by 11pc on August. The most popular sector during that month, the IMA revealed, was the UK All Companies which represented 19pc of gross retail sales. It acc...