ISA sales drop for first time in 12 months

Net sales of -£31.3m were recorded during the month, a steep drop from the £43.2m seen in September and the £83.4m of a year earlier. Despite the net outflow, the most popular UK domiciled ISA sector (excluding fund supermarkets) was UK All Companies, which accounted for just under a quarter (24pc) of gross ISA sales. In net terms, the most popular sector was Cautious Managed. In contrast, UK domiciled ISA funds under management were up 2pc in October, at £55.9bn and 12pc up, year on year. For funds as a whole, net retail sales of £875.7m were recorded, fractionally down on September'...