ISA sales rose 7pc on last year's figures in the run up to the end of the tax year but were not as high as many had hoped, according to the latest IMA statistics.
UK investment funds under management of £448bn in March rose 1pc from February and were 17pc higher than March 2006. Meanwhile, ISA funds under management of £53bn were up 2pc from February and 10pc higher than the previous year. Total UK net sales were -£3.2bn in March, although net retail sales were £1.2bn. Of this amount £836m was invested in equities, £471m in property funds, followed by £312m in balanced funds. Richard Saunders, chief executive of the IMA, said: “Net retail sales in March continued to remain around the £1bn mark for the third consecutive month. The ISA season...
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